Bitcoin smashes records with biggest-ever $26K monthly BTC price gain

From cointelegraph by William Suberg

Bitcoin  BTC$96,341  has made history as the largest cryptocurrency seals its largest ever monthly candle.

BTC/USD 1-month chart. Source: Cointelegraph/TradingView

Bitcoin completes month unlike any other

Data from  Cointelegraph Markets Pro  and  TradingView  confirms the single biggest BTC price gain ever seen in a single monthly candle — $26,400.

The November monthly close came in at around $96,400, also marking a new historic record for BTC/USD.

Bitcoin finished the month up by  more than 37% , making November its second-best month of 2024 so far.

BTC/USD monthly % gains (screenshot). Source: CoinGlass

Responding, economist Carl Menger  said  that it was “just the beginning” of Bitcoin’s journey.

An accompanying chart uploaded to X showed bullish signals on the monthly relative strength index (RSI).

  Source: Carl Menger

“Monthly scale breakout confirmation,” popular analyst Aksel Kibar  continued  in his own X post.

Others furthered the debate about when Bitcoin might reach $100,000. As  Cointelegraph reported , some, including Kibar, consider that level neither technically nor psychologically significant. 

“I view the fact that we haven't broken the mystical $100k level yet as a positive for the strength and sustainability of this run,” trading resource Material Indicators  wrote  in part of its latest exchange order book liquidity analysis. 

“It will be interesting to see if $100k comes as a Christmas gift, or if the gift comes in the form of a correction that gives the market a $BTC flash sale.”

BTC/USDT liquidity chart. Source: Material Indicators/X

$100,000 BTC price target looms

Bitcoin price circled $97,000 into the Dec. 1 weekly close.

Related:  Fund strategist echos 6-figure BTC price targets, sees $250K+ in 2025

Analyzing low timeframes, popular trader Skew flagged $98,500 as the key level to break for another attempt at breaking into six figures.

“Developing uptrend so far - higher lows - sustained systematic uptrend. Momentum reset + monthly open pump,” he  summarized  about the 4-hour chart.

“Going into next week & weekly open we have a lot to play with. HH above $98.5K would be a trigger to push $100K supply once again.”

BTC/USDT 4-hour chart. Source: Skew/X

“Nothing to see here. Just your average weekend price action,” fellow trader Daan Crypto Trades  added .

“Expecting volatility to pick back up after futures re-open.”

An accompanying chart referenced the previous closing price of CME Group’s Bitcoin futures — a potential short-term price magnet.

BTC/USDT 15-minute chart. Source: Daan Crypto Trades/X