Bitcoin had quite the jump, recently eclipsing that $86,000 threshold. It broke above $87,000 for the first time in nearly three weeks. This rally took place despite market sentiment remaining in the “Extreme Fear” zone. The Crypto Fear and Greed Index is an excellent example of this. That late night rally capped a 24-hour period in which liquidations soared over $220 million with over $140 million in short positions wiped out.

August was another month of mixed signals for the cryptocurrency market, as Bitcoin’s strong gains highlighted Ethereum’s continued underperformance. On November 8, the global cryptocurrency market capitalization peaked at $2.70 trillion. That comes after a minor pump of 0.10% over the last day.

Bitcoin’s Open Interest has had a minor increase of 0.50% over the past 24 hours. This uptrend indicates an increase in volatility and more speculative demand. Per the Long/Short Ratio, an overwhelming 55% of traders are currently making long bets on BTC. This wave shows that there is fierce hope that we will see a continuing upward surge.

On Tuesday, Binance went down temporarily for withdrawals due to an Amazon Web Services outage. This string of events could have affected market activity, according to Reuters. At the same time, legacy markets were all slightly down. Contracts linked to the S&P 500 and Nasdaq 100 fell by 0.29%. The Dow Jones Industrial Average Futures fell 158 points, or 0.40%, as of 8:38 p.m. EDT.

Even with Bitcoin rallying up Ethereum was unable to find any momentum with the number two crypto stuck in the $1,600s. The resulting monthly gain for bitcoin was close to 3%, a big difference compared to ETH’s 13.26% loss.

CryptoQuant argued that the movement of the market at this time was more characteristic of a “normal correction” as opposed to a complete bear cycle.

"The previous price increase was relatively modest, indicating limited market overheating, which also suggests the downside risk may be contained," - CryptoQuant

Popular influencer Scott Melker, also known as The Wolf Of All Streets, stated a critical level for Bitcoin to maintain its bullish momentum.

"break the trend of lower highs and lower lows" - Scott Melker, aka The Wolf Of All Streets

He noted that Bitcoin must get above $88,804 to officially surpass the trend of making lower highs and lower lows.