Price Prediction
BTC to $81K on gold's coattails
Bitcoin surged from around $75,600 to above $81,000 on November 4, riding the wave of gold's 3.4% jump to $4,061.10. The move was driven by short covering, with about 81% of bearish positions liquidated within one hour. Gold futures saw their biggest daily gain in three months, and the S&P 500 and Dow Jones indices also rallied. ETFs, particularly Fidelity's Bitcoin Trust, saw outflows, while BlackRock's Bitcoin Trust gained. The article suggests that the short squeeze is likely to continue, with most short-term holders now in the red.