Bitcoin  & Macro Market Analysis - November 4th

The next item is iShare Bitcoin Trust Weekly Chart.

This is the largest $BTC Spot ETF run by BlackRock.

The candle bar move is very similar to that of BTC market.

This is the most important move last week.

As I marked in the green circle, 1.0 based on Fibonacci Retracement which is also previous ATH on iShare Bitcoin Trust, works as the resistance line.

This means, the current BTC market move is led by BTC Spot ETF market.

the neckline test against the long-term purple bear trend line is happening now. 

For last week, BTC Spot ETFs bought +68,590 bitcoin, which was record high since its launch.

The previous week was +18,970 bitcoin.

For more detail:
https://orblabs.ventures/103990/

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