Bitcoin's weekly candle hits highest level as investor's bullishness surge

Traders expected further gains. A Real Vision survey captured this sentiment, with nearly 60% of respondents expressing a bullish outlook. Moritz Helden, head of Quant Research at MunichRe Investment Partners, framed the momentum this way: "The view on Bitcoin is still very positive despite or maybe because of the recent rally. While Gold is also expected to increase, upside potential is expected to be lower (short term) compared to Bitcoin."

Bitcoin disconnected from stock market moves this week. Santiment's on-chain analysis showed the correlation between BTC/USD and the S&P 500 hitting zero, the lowest reading since May. The move came amid positive crypto news, including PayPal's announcement that users can now buy, hold, and sell cryptocurrency on its platform.

Several factors will shape the trajectory ahead. Investors are tracking the US election, one week out, and the dollar index. Bloomberg reported stocks trading with bullish momentum heading into election week, with expectations of another stimulus package supporting sentiment. If stocks climb after the election, Bitcoin could hit new all-time highs. If stocks decline, Bitcoin's advance could falter.

Technically, Bitcoin maintains support as long as it stays above the trend line, the SMA-100, and the SMA-200.