The Bitcoin price news today ignited a new run which shows that in the next period, we could definitely expect an upwards run for the most dominant coin out there. As the Bitcoin price closed out at $9,150 this October, the first monthly BTC gain since June has been established – something we haven’t seen in months.
As you probably know if you have been following the news on our website, October was not so good for Bitcoin and it was a period when the BTC price was pushed to lows of $7,300. The end of the month, however, brought a rapid increase and a swing of 40% to back up the highs of $10,350 that Bitcoin made on one occasion.
Ever since then, the price of the dominant cryptocurrency has been backed in the $9,000 region and was not strong enough to support the five-digit mark. However, the first monthly BTC gain for November has pushed the BTC price to a new daily high at ,251 which is how Bitcoin is trading at press time.
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The dominance of Bitcoin has also increased to 67.5% and the entire market was affected. Even though there is a mix of greens and reds today, the coming altcoin news show that coins like Binance Coin (BNB), EOS (EOS) and NEO (NEO) are among the biggest gainers, rising by 1.58%, 2.14% and 2.60% accordingly.
Yesterday’s traction of around 0.39% has been pushing the Bitcoin price upwards, but also managed to take it down over the previous 24 hours where it posted a gain of 1.61% which has been retraced.
The first monthly BTC gain also shows that the cryptocurrency has been selling off since making highs of almost $14,000 back in June. Meanwhile, the price lows in the $7,000 region represented a 61.8% retracement of the entire 2019 move and the first green candle has been established in a period of 4 months, analysts show.
Overall, Bitcoin (BTC) has not made a new monthly price high and the price would beed to trade across the previous highs at $10,350 in order to show that bulls are stepping back in. The weekly chart, however, marks this as the first monthly BTC gain and shows that the leader of all digital currencies did break and close above the diagonal resistance which has been in place for 16 weeks – but was met by the former support at $9,500 which is now acting as resistance for the current price of BTC.
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