Bitcoin Achieves Historic $26K Monthly Gain, Setting a New Record

Bitcoin has set a groundbreaking milestone, recording its largest-ever monthly price increase with a remarkable $26,400 surge in November. This historic move marks a new chapter for the leading cryptocurrency as it breaks records and draws attention from both investors and analysts alike.

A Record-Breaking Monthly Candle for Bitcoin

According to data from Cointelegraph Markets Pro and TradingView, November’s monthly candle closed with a gain of $26,400 for Bitcoin (BTC), the largest single-month price jump in the cryptocurrency’s history. The November close was around $96,400, setting a new all-time high for the BTC/USD pair. The impressive 37% increase in Bitcoin's price for the month made November its second-best month of 2024, following a strong rally.

This exceptional performance has captured the attention of economists and traders, who are increasingly optimistic about Bitcoin's potential. Economist Carl Menger, commenting on the milestone, stated that this price surge may just be the beginning of Bitcoin's upward trajectory, suggesting further gains ahead.

Bullish Indicators Point to More Upside Potential

Supporting the bullish outlook, analysts are highlighting positive signals on various technical charts. A chart shared on X (formerly Twitter) showed a strong monthly Relative Strength Index (RSI) reading, indicating ongoing bullish momentum. The RSI is a key indicator used to gauge the strength of an asset's price movement, and its positive stance further reinforces the idea that Bitcoin’s rally could have more room to run.

On lower timeframes, popular trader Skew identified the $98,500 level as a key resistance point to watch. If Bitcoin can break this level, it could pave the way for a push toward the coveted six-figure range. Skew emphasized that the uptrend remains intact, noting that Bitcoin has been making higher lows and exhibiting sustained momentum.

Traders Remain Optimistic

Bitcoin’s price action over the weekend was met with a sense of calm from experienced traders. Daan Crypto Trades, another well-known figure in the crypto community, downplayed the significance of the current price action, referring to it as “just your average weekend price movement.” Despite this laid-back commentary, the general sentiment among traders is that Bitcoin is still in a strong uptrend, with more positive moves expected.

What’s Next for Bitcoin?

With Bitcoin’s recent historic gain, all eyes are on the market as investors and analysts speculate on the next possible target for the world’s largest cryptocurrency. As Bitcoin edges closer to breaking the $100,000 mark, the momentum seems to be building steadily. Key levels such as $98,500 and $100,000 are now in focus, and breaking through these resistance zones could trigger even more widespread enthusiasm in the crypto market.

In conclusion, November has been a month to remember for Bitcoin, as it not only set a new record for monthly price gains but also reinforced its position as a dominant player in the cryptocurrency market. The combination of positive technical signals, market optimism, and Bitcoin’s historical performance all suggest that this may be just the beginning of an even more exciting journey for the leading cryptocurrency.