Bitcoin is set to close out the month of November, posting gains for the third month in a row. Currently, BTC has gained around 10% this month which paints the picture of a trending market in the hands of the bulls. Over the past three months if Bitcoin has moved higher, gaining $13,500 or around 54%.
Bitcoin is once again trading dramatically higher after a brief four-day period of consolidation and slightly lower pricing. This correction seems to be technical in nature, likely the result of traders pulling profits. as the CPI report released yesterday revealed steady inflation rates going against forecasts that called for an uptick.
Bitcoin’s recent ascent has garnered it a lot of attention, especially since October 16th when the market moved substantially higher on a false report of a spot Bitcoin ETF approval.
The world’s premiere cryptocurrency breached resistance at $35,000 on Monday, the first day of November. As of 11:05 PM EDT, Bitcoin is trading at a significant price point, $35,515 in the spot markets (Bitstamp) and $35,950 in the Futures markets (CME) at its close earlier today.
