Friday, December 3

Bitcoin soars and approaches new price record

The price of Bitcoin rose again in the market, approaching the historic high, which currently stands at $67,000 at brokerages.

This new movement started last Sunday (8), when the currency rate registered a good appreciation. As this is the day that ends the weekly Bitcoin, the community followed that it was the highest in history at US$ 63,400, a week after registering the biggest monthly increase, which was in October 2021.

On October 17th, the weekly close was already the highest, which could indicate further bullish movements in the market in the near future.

β€œHigher weekly closing AGAIN. Go Bitcoin! Bullish AF!”

Bitcoin quote reached US$ 66,400.00 in some brokers this Monday (8), showing that the historic high of 67 thousand dollars was very close and could even be broken less than 20 days after reaching the previous top.

In relation to the Real, a Bitcoin trading pair that depends on the Dollar quotation, which is at R$5.54, the historical high continues to get closer, as it reached R$375,000 on April 14th and today the market Brazilian crypto sees the price at R$366,000.

Bitcoin market remains confident with currency and its price

If Bitcoin prices continue to approach historic highs, it’s important to look at the behavior of the community, as it can help to understand if there is any fear present in the industry.

According to the Fear & Greed Index tool, the market remains confident, which may be an important optimistic signal for Bitcoin, which opens the week following the movement of the largest currency in the market.

Bitcoin Fear and Greed on November 8, 2021 /Credit:

Bitcoin’s dominance in the cryptocurrency market remains above 43%, indicating that this metric has fallen compared to October 17, when the highest historical weekly quote had been breached. At that time Bitcoin dominated 48% of the market, showing that in this period some traders chose to migrate to altcoins.

Anyway, the positive sentiment with Bitcoin raised the price of other currencies on the market in the last 24 hours, such as Ethereum (+2.60%), Cardano (+2.38%), with highlights among the top ten for Dogecoin and Ripple, with an increase of 7.40% and 7.80% respectively.

It is worth remembering that investing in Bitcoin close to the historical high is riskier in the short term, whether in the Dollar or Real pair, and those interested in entering the market must make a risk management in their positions to avoid losses.

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