After rocketing to $69,044, Bitcoin hit its all-time high in November of last year. The months of October and November have historically seen strong performances on the cryptocurrency markets, giving rise to the terms "Uptober" and "Moonvember," respectively. While the markets rose in October, living up to the name "Uptober," "Moonvember" in November has the potential to be difficult.
Read also: The price of Ethereum is expected to surpass $3,000 by thefirst of 2023
In October, BTC surged over
$18,000 mark to $20,924 and is continuing to cling onto its recent gains.
Although the markets have been showing inconsistent trade movements since
Monday, they appear to be in trouble. This week's volatility for the top
cryptocurrency is little to nonexistent as it trades on the precipice.
Does November 2022 See A Bitcoin Upswing?
While the rally's ascent over
$18K to $20.9K is straightforward, BTC finds it difficult to leap farther in
price. Since September, the king cryptocurrency has been consistently rejected
over the $21.5K levels, falling back to $18K.
 |
| Source: Pixabay |
To truly live up to the
'Moonvember' moniker, bitcoin must break through its levels of resistance of
$21,500 this November and increase in price. According to the three-month
trends, BTC might not rise above $21.5K in November. The markets are solidly in
the pessimistic camp despite last week's advance, and a decline is more likely
than a rise in price.
Read also: Can the Shiba Inu hit $0.001 in a year?
Additionally, Dogecoin led the
market rally this time rather than popular cryptocurrencies like Bitcoin and
Ethereum. Dogecoin's price has increased almost twofold in the past 30 days,
which allowed the markets to turn positive last week. As a result, BTC took a back
seat to Doge at that time in order to wake up the markets from their doldrums.
While going everything on Bitcoin
in November, it is advisable to wait and observe the market conditions.
At the time of publication, the
price of Bitcoin was $20,633, up 0.4% over the previous day's trading. BTC has
lost 70.1% of its value since hitting an all-time high on November 2021 of
$69,044.
