After sealing its best-ever weekly close, Bitcoin traders see price discovery returning in the coming week while eyeing levels toward $100,000. The bull case is buoyed by whales continuing to accumulate Bitcoin despite a tumultuous period for exchange-traded funds (ETFs).
Mixed Signals from Federal Reserve
The US central bank faces a brewing divergence over future financial policy after recent data showed inflation accelerating in October. This has led to mixed opinions over whether officials will lower interest rates in December.
Whales Keep Stacking Amid Frustrating ETF Flows
A tale of mass accumulation by Bitcoin whales and institutional investors is a key factor buoying the bull case this month. Data from on-chain analytics platform CryptoQuant confirmed that both large and small whale entities continue to add to their BTC exposure.
Crypto Social Media Hype Flags Price Warning
Research firm Santiment said that ‘hype’ around future price hits highs alongside price itself, flagging a cautionary sign for market upside. The latest readings from the Crypto Fear & Greed Index correspondingly show levels of ‘extreme greed’ last seen in the run-up to Bitcoin’s old long-term peak in March.
Key Takeaways:
- Bitcoin traders see price discovery returning in the coming week.
- Whales continue to accumulate Bitcoin despite a tumultuous period for exchange-traded funds (ETFs).
- The US central bank faces a brewing divergence over future financial policy after recent data showed inflation accelerating in October.
- Crypto social media hype flags a cautionary sign for market upside.
What’s Next?
As the market navigates these mixed signals, keep an eye on key events such as Nvidia earnings and unemployment data. The coming week will also see speaking appearances from seven senior Fed figures, which may shed more light on future financial policy decisions.