Bitcoin (BTC) is clinging to $68,000 on Nov. 9 afterwards traders declared it "clear for take-off" and ready to brainstorm farther price discovery.

BTC/USD ane-60 minutes candle chart (Bitstamp). Source: TradingView

Bitcoin approaches "Great Wall of Finex"

Data from Cointelegraph Markets Pro and TradingView has tracked a second night of impressive gains in a row for BTC/USD.

The pair spent most of Sunday at nearly $62,000 only is now upwards a full of 11.4% in just over two days — including a new all-time high of $68,564 on Bitstamp.

"BTC highest weekly close ever after consolidation. Nosotros are clear for accept-off," popular trader Pentoshi forecast as the week began.

Filbfilb, co-founder and annotator at trading platform Decentrader, too built on existing bullish convictions, noting that Bitcoin was now tackling what he called the "Great Wall of Finex" — a large sell wall on commutation Bitfinex around $70,000 contrasting recent heavy whale accumulation.

Interruption this, and farther upside potential increases considerably. End-of-month predictions of up to $98,000, just days ago pronounced all simply impossible to achieve, are at the same time coming back to the table.

2021, while closely tracking behavior seen in both the 2022 and 2022 bull markets, remains insufficiently minor when compared to the velocity of gains that followed Bitcoin's two previous cake subsidy halvings.

Investors "trying to go orders in" for more BTC

Institutional need for Bitcoin, even at all-time highs, is showing no signs of abating ahead of a possible spot price commutation-traded fund (ETF) launching in the United States.

Related: Ethereum back in price discovery every bit ETH approaches $5K

"$70k on Bitcoin coming up," SkyBridge Upper-case letter CEO Anthony Scaramucci added Tuesday, hinting that he was even so a buyer in the market.

"Large institutional demand has finally arrived. Trying to become in orders before 2022."
Bitcoin vs. gold nautical chart. Source: Woobull

Amongst an inflationary environment, Bitcoin's appeal over gold as a hedge received a boost overnight, with its market capitalization striking 10.seven% of gold'south.

On the sustainability of the current uptick, funding rates across exchanges are high but not unsustainable at the time of writing, with those on Binance actually lower than Monday.

BTC funding rates chart. Source: Coinglass