Analyst Michael van de Poppe updated his followers on Bitcoin's price movements and emphasized the importance of liquidity above recent highs.

Bitcoin Liquidity Zones and Support Levels

The Bitcoin chart reveals two areas where liquidity was taken: one at a lower price point and the other near the current peak. This often signifies short sellers being liquidated, which can lead to a temporary price pullback. After spiking to these levels, according to the analyst, Bitcoin's price might be returning downward before further movement. The key support area between $63.5K and $64K is now crucial. Holding this level could act as a base for a move towards new highs.

Trend Patterns and Breakout Potential

Bitcoin's recent trend shows an ascending triangle breakout that occurred in mid-October. After taking liquidity, Bitcoin's price might consolidate, aligning with van de Poppe's forecast for potential new all-time highs. Volume analysis supports this, as there was a surge in trading volume when liquidity was taken from higher levels. The Relative Strength Index (RSI) above 70 indicates overbought conditions.

November Price Outlook

As Bitcoin hovers around key support levels, traders are watching whether it can maintain the $63.5K to $64K range. If this area holds, Bitcoin could rally toward new highs in November. Conversely, failure to maintain this support might open the door for a deeper correction.

Analysts believe that the coming days could prove critical in determining Bitcoin's next move and encourage traders to closely watch current support levels.