October ended with the highest monthly close for Bitcoin ever. The largest digital currency recorded a closing price of around $61.2k at the turn of the clock. While this is still lower than the highest price levels posted by the cryptocurrency at around $67k earlier last month, it still easily beat the previous monthly highest close of $59k set back in the end of March this year.
While Bitcoin has gone above $60k before, the extent of the cryptocurrency’s previous forays above this key level left much to be desired. The cryptocurrency overall managed to spend only a few days above it back in March and April and followed it by massive price drops, one of which led to the lows of $28.8k back in August. However, this time around, the cryptocurrency is much more confident above $60k and looks like it is here to stay. Not only did it record a high of around $67k, it has managed to preserve the $60k support quite effectively, swiftly overcoming bearish moves below it. The cryptocurrency also recently recorded the straight third weekly close above $60k, another testament to the confidence of the bulls.
Just like “Uptober”, the bulls feel very confident going into “Moonvember”. Their position is quite strong overall and they are poised to make further gains soon enough. However, there is still a small matter of overcoming the all time high level of the cryptocurrency at around $67k. The bulls need to have the kind of push to further above and target the long-term targets ahead like $80k, $90k or even $100k. Currently, the bulls are consolidating just above the $60k support and will need to strike fast and hard to take on the greatest resistance level the digital currency has ever seen.
However, November is a month that is significant for other markets as well. Historical records show that the 11th month has been the best for S&P 500 as well over the years. It has a median growth of around 2% which is the highest among all other months. So, there is stiff competition for Bitcoin as other markets like S&P 500 are also apparently looking forward to it and competing for capital inflow.
There are some, however who are overly bullish and believe that Bitcoin is likely to start a big uptick and won’t slow down:
Good morning bulls.
Quite the month ahead for #Bitcoin.
About to find out which path we’re on. pic.twitter.com/qbvPIvWLC2
— TechDev (@TechDev_52) November 1, 2021
However, only time will tell where the digital currency will end up at the end of the current bull run. It may stop at the current highest level of $67k or $80k, $100k or even $200k. Only time will tell.
Image Source: pixabay.com
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