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.

Rarely do I ever see a weekly chart as bullish as Solana’s.

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.

Since 2012, October has generally been a positive month for the world’s leading cryptocurrency. Out of the last 12 Octobers (as far as back as reliable data is plotted) 9 of them had overall gains for the month. That puts October as having a 75% success rate for Bitcoin bulls. However, that does not mean that the 25% price increase this month was guaranteed.

Moving on positive developments regarding BlackRock’s Ishares spot Bitcoin ETF, Bitcoin hit a high not seen since June 1,  2022. After opening above $30,000 for the first time since July 23, Bitcoin has so far reached $31,900 (6:15 EST) and shows no sign of slowing down.

Crypto traders have been feverishly waiting for approval of any Bitcoin spot ETF up for review by the SEC.

Bitcoin’s mid-term outlook was looking exceedingly bearish up until the last week of September when Bitcoin experienced a significant bump. This swing to the upside mitigated 3 consecutive monthly declines scoring the first monthly gain during the last 3 months. This altered the short to mid-term prospect altering it from bearish to neutral. 

Mid-term picture

Bitcoin is currently trading up by $395 or 1.48% as of 4:30 PM, EST at $27,168. This is $2,000 above where the leading cryptocurrency had opened for trading a week ago ($25,162) last Tuesday, September 12th.  By Thursday of last week, BTC had completed a candlestick formation known as “three white soldiers” which forecasted that further upside price movement was likely.