- Bitcoin cleared a great breakout over a down-sloping trend line and the direction turned in the favor of the bulls and also strengthened the bullish feeling amongst the traders and institutions.
- The breakout is aimed at 118,000 -119,000 and high volume and solid higher lows will continue to expand the price and maintain the bullish structure.
- November is the most profitable month of Bitcoin history, which coincides with the present bullish structure and indicates the new activity in the market.
Bitcoin has reported a definite bullish breakout after pushing above a descending trendline that had constrained any upward progress for the majority of October. The price action shows an apparent return of confidence to the market as sentiment moves in an upward trend.
Breakout Structure Validates Bullish Continuation
$BTC officially confirmed a breakout after surpassing the resistance trendline that had defined recent consolidation. This move, highlighted by ZAYK Charts, marks a structural change in momentum from bearish restraint to bullish expansion. The 1-hour chart displayed a clean breakout followed by a strong impulsive leg, validating the technical shift.
After the upheaval, Bitcoin rallied and ultimately put together a clear retest and continuation scenario. The conversion of the $112,000-$113,000 area from resistance to support indicates aggressive buyers. Rising volume and higher lows signify a healthy breakout structure that is backed by significant volume.
The measured target for the current structure is between $118,000 and $119,000, which suggests further room for Bitcoin to rally if support holds. The potential move is approximately a 7% gain from the breakout area, which is consistent with a textbook breakout progression.
Market sentiment has turned more optimistic as the breakout relieved weeks of stagnation. Traders are eyeing the trendline retest as a potential accumulation point, with the bullish formation now guiding short-term strategies toward sustained higher lows.
Historical Patterns Point to Eventful November for Bitcoin
Daan Crypto Trades noted that November has historically been Bitcoin’s best-performing month, showing positive returns in eight out of twelve observed instances. The average gain, though influenced by the exceptional +449.35% rise in 2013, remains notably strong compared to other months.
Historically, November and December have often been important months in each prior Bitcoin cycle. For example, these months have produced cycle tops and bottoms in 2013, 2017, 2021 and even 2022; both months are prime for volatility towards year-end,
So with Bitcoin breaking out so close to the beginning of November, traders will be looking for continuation if it can maintain momentum. Being a period with seasonal influences, the market is generally used to higher volume and larger price swings as new speculative interest is ignited during this time.
As long as Bitcoin stays above its breakout zone, the market structure supports us to extend higher. Considering the still aligned technicals and seasonals, we have the makings of an even busier active close to the year. Traders will be watching for follow-through strength in the game sessions.
