Bitcoin ‘Moonvember’ begins as data shows November is the best month for the S&P 500

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Bitcoin (BTC) bulls are betting on a solid month for BTC price action as November traditionally sees strong US stock gains.

The data shows that November was the best month for the S&P 500 since 1985.

November 2021 has strong competition

Since “Uptober” already represents the biggest gains for Bitcoin in 2021, the chances are good that stocks will act as a catalyst for further upward movements in “Moonvember”.

The average S&P 500 advance in November over the past 35 years was just over 2% – making it the only month that these average returns have been achieved.

At the same time, positive returns have been made for over 70% of the years, and Bitcoin’s history is similar.

In November, BTC / USD was higher than when it started, with the exception of just two years: 2018 (-36.5%) and 2019 (-17.2%).

By contrast, 2020 saw 43% gains, leaving the door open for an expected rematch.

Table of monthly returns of BTC / USD. Source: Bybt

As Cointelegraph reported, these predict a volatile but ultimately hugely beneficial month as Bitcoin approaches its high in the fourth quarter.

“Highest monthly closing in history. Congratulations Bitcoin and congratulations to everyone, “said an optimistic TechDev on Monday.

“As in every previous cycle, we are now heading for our second monthly RSI high. Nowhere near a spike. Trust the indicators. “

TechDev is looking at either mimicking the 2017 top sequence or the 1970s gold, both of which are capable of sending BTC / USD well over $ 100,000.

Bumps in the way for stocks and bitcoin

Bitcoin’s relationship with traditional markets has been explored over the past few months as cryptocurrency begins to find its own way away from macro.

Related: Uptober Closes Record Highs In Best Month Of 2021 – 5 Things To Watch For Bitcoin This Week

A test of traders’ determination could come as early as this week as the US Federal Reserve prepares new comments on asset tapering.

For Bitcoin, the decision whether or not to approve a regulated exchange-traded fund (ETF) in the US this month can take the price development far away from forecasts – especially if it is rejected.

With advocates pointing to the slowness of pursuing other countries, VanEck, one of over 40 applicants, has announced that he is considering applying to launch a spot ETF in Australia.