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Friday, December 3, 2021

Bitcoin Looking To Record Highest Ever Monthly Close

Bitcoin, or BTC, saw the support level of $60,000 being freshly retested repeatedly on 31st October, even as the clock was mere hours away from one of the most significant closes to a month.

Bitcoin’s Record Close For A Month Is Not Ensured

Data from TradingView and Cointelegraph Markets showed Bitcoin’s price action was lackluster, to say the least, on 31st October, Sunday. BTC/USD was performing below the worst scenario possible for its close to the month of October.

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Analysts held their breath in anticipation of a possible turnaround come the month’s end. The outcome would also back the theory that it was the worst case for the third consecutive month. PlanB, the creator of the scenario as well as the model based on stock-to-flow, had made correct guesses when it came to the closing prices for August as well as September: $47,000 as well as $43,000 respectively.

Even if Bitcoin does not back the theory, if the crypto ends October over the mark of $60,000, that would count for numerous achievements. It will be the third consecutive week that Bitcoin will close at a price of more than $60,000. Moreover, it will be the first time ever that Bitcoin will close a month over the $60k mark.

As previously noted by Cointelegraph, Sundays have a tendency to show a weaker Bitcoin performance so far in October. Monday, however, has contrasted the mood and showed a spectacularly strong show – especially when it open in the US.

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TechDev, a popular analyst and trader, summarized on 31st Oct that BTC daily recommends getting prepared for November. This has put the month into the spotlight.

Meanwhile, with the waning of BTC, altcoins also copied its movements. The top 10 cryptos according to market cap all saw modest losses during the previous 24 hours. 

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