Bitcoin Unable to Stay Above $11,700

"Bitcoin has grown by about 1% over the past 24 hours and is currently trading at around $11,500. In some moments of the night it has even reached $11,700, however, sellers have entered the scene and have brought the crypto to its current level. The gradual increase in the price of the reference crypto coincides with a rise in its trading volume, which is contributing to consolidating the positive price dynamic. The capitalization of Bitcoin has posted an increase of $2.5B overnight.

Crypto market participants believe in the possibility of Bitcoin 'not falling' below $11,000, and the market sentiment is increasingly optimistic. Timothy Peterson, manager of Cane Island Alternative Advisors, believes by the end of November, Bitcoin will be worth more than $12,000 with a 90% probability. Other analysts point to a higher level of 'embouchure' compared to previous bullish cycles.

Analyst Willy Wu believes in the propensity of investors to keep Bitcoins in their wallets as prices rise. In this case, these feelings may be reinforced by the expectation of a rally based on the halving. Historically, Bitcoin tends to recover during the 12-15 months following each halving, exceeding previous records. Even though the current Bitcoin environment is different, participants in the cryptocurrency market are still betting on the jump based on this internal event. The crypto market also looks to the future with enthusiasm due to the confidence of miners, who are keeping the hashrate of the crypto at its highest level."