Bitcoin is currently trading at around $60.6k on 31st of October, 2021. The digital currency is looking to post its first ever monthly close of above $60k in its history, giving a boost to the subdued bulls. The start of November is expected to be a big event in the calendar year as the 2020-2021 bull run comes to its expected conclusion.
Bitcoin is currently holding the $60k resistance but the bears are expected to try and enter the picture and spoil the evening at the very end. Previously, the highest ever monthly price end was posted back in the end of March earlier this year when the index wast trading at $59k. However, this time around, the digital currency aims to post at least $60k to make a statement. This is expected to reinvigorate the bulls and make a good start for the November. In addition to the monthly high, Bitcoin is also looking to post $60k plus weekly close for the third straight time, also a first in its history.
If #Bitcoin closes the week tomorrow above $60k, it would be the 3rd week in a row…
It would also be the first *MONTHLY* close above $60k ever.
— Benjamin Cowen (@intocryptoverse) October 30, 2021
However, the slight drop in BTC price earlier today shows that the new record isn’t done and dusted and the bulls could easily re-enter the game to be party poopers. They only need to make the index drop like $2k in value to make their presence felt and it will do the trick. But, the bullish sentiment is quite strong at the moment and it would be an uphill task for the downward forces for sure.
Sundays in general have seen weak performances from the bulls in the last few weeks, especially in the closing month so it could well be a nail-biting finish overall. There is also the added pressure of having a good start to November, otherwise it would dampen the mood overall, especially when it comes to the ultimate bull run high, which experts are still hoping to be anywhere between $80k-$100k at the moment.
The bears have this moment to rise up to the challenge. They have been in a back story in the crypto markets for around 2 months and would love to up their game at this crucial time. The bulls on the other hand have the advantage and its their monthly close to lose.
Image Source: pixabay.com
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