Bitcoin (BTC) abruptly hitting one-week highs on November. ii after days of sideways action ended in a cursory merely strong breakout.

BTC/USD 1-minute candle nautical chart (Bitstamp). Source: TradingView

Upside activity returns to BTC/USD

Data from Cointelegraph Markets Pro and TradingView followed sudden volatility on BTC/USD as it gained over $one,500 in minutes.

At the time of writing, $63,400 formed a focus amid the pair'south highest levels since Oct. 25.

For popular analyst Filbfilb and others, the move was predictable, with chart signals flashing volatility on Mon.

"Another scrap of a zippo day for bitcoin.. still struggling around the MR line... side by side touch resistance volition be a fourth touch on of the downtrend and so a retest and breakout fits with what I'm looking for," he summarized to Telegram channel subscribers alongside an annotated chart.

"Nosotros haven't lost the MR line & found resistance at that place, merely I'g expecting the next move to happen in the adjacent 48 hours."

Others highlighted Bitcoin's relative strength index (RSI) at present being above 70 — a archetype "prelude" to an incoming extended rally.

As Cointelegraph reported, RSI levels are existence keenly watched to determine both a breakout and an platonic market exit opportunity.

Funds squeeze the Bitcoin supply further

Bullish tendencies have been stacking upward across the Bitcoin ecosystem as November starts.

Related: 'Uptober' closes at record high in best month of 2022 — 5 things to watch in Bitcoin this calendar week

The latest data shows that in addition to on-chain metrics in the light-green, investment habits are echoing Feb — the run-upward to previous all-time highs of $64,900.

Specifically, funds purchased more than BTC in October than miners produced — a first since the 2d calendar month of the yr.

Bitcoin funds purchases tabular array. Source: Jarvis Labs

Miners themselves accept get accumulators in 2022, with simply May's China debacle causing a rift in the trend.

Bitcoin miner reserves nautical chart. Source: CryptoQuant