Bitcoin has reclaimed $91k, positioning itself to retest its current all-time high and potentially push higher. We are now less than 10% away from a six-figure Bitcoin. According to Polymarket, BTC has a 42% chance of reaching $100k by the end of November. While the odds may not heavily favor $100k before December, the current price structure suggests otherwise. Bitcoin recently established another higher low after experiencing a brief pullback over the past couple of days.
Last Monday, Bitcoin traded at $80k throughout the day. By the next morning, it had surged to $88k, marking a quick 10% rally overnight. Recent price action has been particularly significant. Instead of continuing directly to $100k after breaking above $93k, Bitcoin has undergone a slight pullback and consolidation, further strengthening its bullish price structure. If a new all-time high is achieved over the weekend, it could set the stage for a push to $100k before the end of the month.
The broader market is benefiting from Bitcoin's rally, with 95% of the top 100 altcoins outperforming BTC. Memecoins continue to dominate, with three of the top five gainers being GOAT, BRETT, and BONK. Meanwhile, SUI has continued its impressive run, reaching new all-time highs and officially doubling in value since our first mention in the Morning Note.
If you feel underexposed or worry about missing out, now is a good time to bolster your Bitcoin position before the new all time highs are made. You’re still early, and if you have long-term confidence in the crypto space, this is an ideal time to enter. Contact your Stormrake Crypto Broker to seize these golden opportunities.
Stormrake Spotlight: RUNE ($5.551)
Stormrake Spotlight: RUNE ($5.551)
Rune has been consolidating around $5.50, a level that has proven to be strong support over the past week. Last Sunday, Rune rebounded 20%, jumping from this level to $6.70. With Bitcoin's current strength and position, Rune could see another bounce if BTC continues to move higher.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin avoided a bearish flip, recovering from trading below the 21 and 55 EMAs and creating a lower low. By breaking back above these key moving averages, a critical resistance level, and the monthly CPR resistance, BTC has established a higher high. This sets the stage for an attempt at a new all-time high above $93.2k. The key level to watch is $87,750—any pullback that stays above this price will maintain the bullish structure.
BTC Total ETF Flows for 15 Nov: $ - 185.5 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum briefly dropped to $3,015 before rebounding to its current price of $3,101. Unlike Bitcoin, ETH remains in a bearish trend, trading below key moving averages and continuing to set lower highs. Over the past 24 hours, ETH has only risen by 1.4%, underperforming 95% of the top 100 coins.
ETH Total ETF Flows for 15 Nov: $ - 40.3 million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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