Green is back on cryptocurrencies – The year 2022 has been more than difficult for cryptocurrency enthusiasts. Fortunately, 2023 turns out to be more lenient. With the BTC which is moving around $34,000, it shows an increase of around 100% since the start of the year. A performance which allows 80% of operators to be in the green. October is over, could November see a similar performance?
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Bitcoin price stagnates in 24 hours
BTC continues to hesitate under the psychological round number of $35,000. Indeed, the Bitcoin price stagnates in 24 hoursAnd climbs 1% in one week :
In one month, the course shows a significant increase of 23%. At the same time, the king of cryptocurrencies also stagnates against Ethereum. However, within a month, the pair is in increase of more than 15%.
Uptober is over, could November be similar?
The month of October is often called uptober, And we understand why ! In fact, the month of October is over, and the price of BTC shows a increase of almost 30%. The month of October is definitely a month that belongs to the bulls. Over the last eleven years, the price has closed nine times in the green. Also, the price closes in the green for the fifth consecutive year :
So, could November be as good? Over the last ten years, the price closed six times in a positive manner. However, the last two years have been negative for the price of the king of cryptocurrencies in November. Be careful, you have to know how to take a step back from this data, because theBitcoin history remains weak. Let’s move on to themonthly price analysis of BTC to understand if the month of November could turn out to be sunny.
The price of Bitcoin sends a bullish signal monthly
Monthly, the price closed around $34,600or clearly above the last high marked in July at $31,800. Thanks to this monthly close, BTC displays a dynamic with rising lows and highs :
The course could slow down at resistance level at $36,000 which also corresponds to a resistance level on the Fibonacci retracements (0.382). If buyers push, the price could reach the next resistance which is around $45,000. On the other hand, a rejection could bring the price back to the level of support at $31,000. The RSI is bullishTHE buyers have their hands on momentum in this unit of time.
The price of Bitcoin closes the month of October in the green, and the month of November could also see an increase. Monthly, the price is bullish, because it displays momentum with rising lows and highs (Dow’s law). However, it will be necessary to pass the resistance at $36,000 to try to get the price of BTC back above $40,000. While the king of cryptocurrencies is regaining color, the UN is interested in the ecological impact of BTC mining.
Closer to Bitcoin news
- While the price of Bitcoin is moving around $34,000, 80% of BTC addresses are in the green. The recent rise of the king of cryptocurrencies allows operators to smile again. HODL strategy pays off again.
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