Bitcoin just made history by recording its largest monthly gain ever, with a spectacular increase of $26,400 over a single 30-day period. This exceptional performance confirms the bullish momentum of the queen of cryptos, which closed the month of November at around $96,400.
An unprecedented monthly performance for Bitcoin
On November 30, 2024, Bitcoin closed its most spectacular monthly increase ever recorded on the crypto market. Data from TradingView confirms a dizzying rise to $26,400 on November's monthly candle alone, bringing the price to around $96,400.
This exceptional performance represents an increase of more than 37% in one monthmaking November the second best month of 2024 for cryptocurrency.
Economist Carl Menger was particularly optimistic about this progression, stating that we are only seeing the “beginning” of Bitcoin’s rise. This analysis is reinforced by technical indicators, notably the monthly relative strength index (RSI), which displays resolutely bullish signals.
The symbolic threshold of $100,000 in sight
In this euphoric context, Bitcoin continued its rise to reach $97,000 at the weekly close on December 1. Analysts are now eyeing the key level of $98,500, considered the last technical obstacle before the historic assault of $100,000.
Trader Skew highlights the strength of the current trend, characterized by “ increasingly high lows and systematic upward momentum“. Material Indicators, a market analysis platform, considers that the absence of a precipitous crossing of the $100,000 threshold testifies to the “strength and sustainability” of the current movement.
Experts expect volatility to resume as futures markets reopen, with the price of Bitcoin remaining particularly sensitive to CME Group futures contracts, which act as a magnet on prices in the short term.
In short, this historic performance of Bitcoin confirms the entry into a new phase of bull market, fueled by solid fundamentals and a renewed institutional interest in cryptos.
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