Best-Ever Weekly Close Sets Another Record
Bitcoin (BTC) is launching into a new week with a bang, inches from fresh all-time highs. The cryptocurrency has been on a tear in recent times, and its latest achievement is the best-ever weekly close, setting another record.
Mixed Opinions Over Future Financial Policy
The Federal Reserve faces a brewing divergence over future financial policy, with mixed opinions over whether officials will lower interest rates in December. Recent data showed inflation accelerating in October, leading to concerns about rising prices and unemployment. This has led to mixed opinions on the Fed’s next move.
Whales Keep Stacking Amid Frustrated ETF Flows
Despite volatile conditions for spot exchange-traded funds (ETFs), whales have not stopped adding to their BTC exposure. The trend is the same for institutional investors, who continue to accumulate Bitcoin through spot ETFs. This has led to a significant increase in supply and demand dynamics, forcing price action higher.
Crypto FOMO Brings Price Warning
Crypto social media is flagging the peak of each BTC price run "very reliably," research says. As hype around future hits highs alongside price itself, signs of mass ‘FOMO’ should be taken as a caution flag, implying that market upside could reverse.
Crypto Fear & Greed Index Hits 90/100
The Crypto Fear & Greed Index hit 90/100 on Nov. 17, just five points off classic market turnaround territory. Levels of "extreme greed" last seen in the run-up to Bitcoin’s old long-term peak in March are a warning sign that market upside could reverse.
What’s Next for BTC?
With mixed opinions over future financial policy and volatile conditions for spot ETFs, it’s unclear what’s next for BTC. However, one thing is certain: whales will continue to add to their BTC exposure, forcing price action higher.
Key Takeaways
- Bitcoin launches into new week inches from fresh all-time highs
- Best-ever weekly close sets another record
- Mixed opinions over future financial policy
- Whales keep stacking amid frustrated ETF flows
- Crypto FOMO brings price warning
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