Bitcoin has inched higher overnight after facing a short bout of consolidation within the lower-$9,000 region. BTC still has a long way to go before it revisits its recent highs of $10,600 that were set at the peak of the recent rally.
Analysts are noting that the coming 30 days may prove to be highly volatile for the cryptocurrency, and one analyst believes that the crypto could be positioned for a massive upwards movement.
Bitcoin Inches Higher as Bullish Undercurrent Grows Stronger
At the time of writing, Bitcoin is trading up just under 2% at its current price of $9,320, which marks a slight surge from its weekly lows of just a hair above $9,000.
Bitcoin’s volatility as of late has now resulted to it falling into a relatively tight trading range between roughly $9,000 and $9,500, with a significant amount of selling pressure existing between $9,500 and $10,000.
Historically, November has proven to be a volatile month for Bitcoin, which could mean that the crypto will incur some significant movements in the near-term.
Big Chonis, a popular cryptocurrency analyst on Twitter, spoke about the tendency for November to be a volatile month, explaining that BTC has either traded at $6,000 or $3,000 in November for the past two years.
“$BTC – November tends to be a volatile month of #bitcoin with a range the last two years of 6K and $3K respectively,” he explained while pointing to the chart seen below.
$BTC – November tends to be a volatile month of #bitcoin with a range the last two years of 6K and $3K respectively…pic.twitter.com/XxtgmnvZoi
— Big ChonisFlux Trading Group (@BigChonis) November 2, 2019
Analyst: BTC Currently Looks Like a “Launchpad”
As for where this November volatility could lead Bitcoin’s price in the near-term, some analysts believe that the cryptocurrency is positioned for a massive upwards movement in the near-term as it breaks above multiple long-established resistance levels.
The Crypto Dog, a popular cryptocurrency analyst on Twitter, concisely spoke about this in a recent tweet, saying “$BTC looks like a launchpad” while pointing to two long-established resistance levels that were formed in the time since its meteoric bull run that sent it surging from $7,300 to $10,600.
$BTC looks like a launchpad pic.twitter.com/Qzl07greUw
— The Crypto Dog (@TheCryptoDog) November 2, 2019
In the near-term, it is imperative that Bitcoin holds above the lower-$9,000 level, or else its current bullishness could be invalidated, and further losses could be imminent.
Featured image from Shutterstock.
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