Bitcoin (BTC) has made history as the largest cryptocurrency by sealing its biggest monthly candle ever.
BTC/USD 1-month chart. Source: Cointelegraph/TradingView
Bitcoin Completes a Month Unlike Any Other
Data from Cointelegraph Markets Pro and TradingView confirms the biggest BTC price gain ever seen in a single monthly candle — $26,400.
November’s monthly close was around $96,400, also marking a new all-time high for BTC/USD.
Bitcoin ended the month up over 37%, making November its second-best month of 2024 so far.
BTC/USD monthly gains % (screenshot). Source: CoinGlass
Responding, economist Carl Menger said it was “just the beginning” of Bitcoin’s journey.
An accompanying chart loaded on X showed bullish signs on the monthly relative strength index (RSI).
“Confirmation of breakout on monthly scale,” continued popular analyst Aksel Kibar in his own X post.
Others have delved deeper into the debate about when Bitcoin could hit $100,000. As Cointelegraph reported, some, including Kibar, consider that level to be neither technically nor psychologically significant.
“I see the fact that we have yet to break the mystical $100k level as a positive for the strength and sustainability of this run,” trading resource Material Indicators wrote in part of its latest analysis of FX order book liquidity.
“It will be interesting to see if $100K comes as a Christmas gift, or if the gift comes in the form of a correction that gives the market a flash sale of $BTC.”
BTC/USDT liquidity chart. Source: Material Indicators/X
BTC’s $100,000 Price Target Nears
Bitcoin's price hovered around $97,000 as of the weekly close on December 1.
Analyzing bearish periods, popular trader Skew flagged $98,500 as the key level to break for a fresh attempt at breaking the six-figure mark.
“Developing uptrend so far – higher lows – sustained systematic uptrend. Momentum reset + monthly opening pump,” he summarized on the 4-hour chart.
“Going into next week & weekly open, we have a lot to play for. HH above $98.5K would be a trigger to push the $100K bid once again.”
BTC/USDT 4-hour chart. Source: Skew/X
“Nothing to see here. Just your average weekend price action,” added fellow trader Daan Crypto Trades.
“Expecting volatility to pick up again after futures reopen.”
