Bitcoin Price Rises and Approaches All-Time High

Lovata Andrean

Bitcoin Price Rises and Approaches All-Time High
Bitcoin Price Rises and Approaches All-Time High

Rancakmedia.com – Bitcoin price rose on Wednesday (11/3/2021) and briefly crossed the threshold of 64.000 US dollars, trying to reach an all-time high.

Referring to CoinDesk statistics, the price of Bitcoin on Wednesday touched 64.292,82 US dollars, close to a record high of 66.974,77 US dollars.

Meanwhile at 12:43 WIB, crypto asset prices with capitalization largest market in the world was at 63.198,65 US dollars, up 2,31 percent compared to the previous 24 hours.

Bitcoin has been trading in a tight range for the previous few days. Apparently, the overwhelming optimistic enthusiasm started to die down after BTC hit its all-time high two weeks ago.

Bitcoin Price Rises

For now, traders are preparing for a good November, and predict a bullish rise in Bitcoin prices towards the end of the year.

However, other experts anticipate opportunities for a minor decline as open interest builds in the Bitcoin futures market.

“(Increased open interest) is usually a negative indication because it indicates there is greater leverage in the system,” Marcus Sotiriou, sales trader at GlobalBlock, told CoinDesk.

“This increases the chance of a liquidation event, when traders are forced to sell and prices fall,” he added.

“Aside from open interest, the enthusiasm seen from last week's surge in meme-based cryptocurrencies, especially SHIB (Shiba Inu), may lead to increased leverage in the near term due to an increase in retail traders,” Sotiriou said.

Conclusion Regarding Bitcoin Price Rising and Approaching All-Time High:

The price of Bitcoin on Wednesday reached 64.292,82 US dollars, close to a record high of 66.974,77 US dollars. Experts are preparing for a good November, and predict a bullish rise in Bitcoin prices towards the end of the year. However, other experts anticipate opportunities for a minor decline as open interest builds in the Bitcoin futures market.

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Lovata Andrean

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