Bitcoin Price Surges to $84,000 as Bulls Continue Price Discovery
Bitcoin (BTC) continued its upward momentum on November 11, with daily gains of 4.5% and a price knocking on the door of $85,000. The cryptocurrency has seen a nearly 25% increase in the past seven days, with no signs of a major retracement or consolidation. Market participants betting on a major BTC price capitulation have been adding shorts for the market to liquidate, but analysts remain bullish on BTC, with some predicting a path to $200,000 and more. Business intelligence firm MicroStrategy also announced a BTC acquisition worth over $2 billion, while attention focused on the spot Bitcoin exchange-traded funds (ETFs) seeing net inflows of more than $1.5 billion the week prior.
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