The price of Bitcoin returned to the $38,000 mark on Friday as November’s monthly close became its best since April last year.

Cointelegraph Markets Pro and TradingView data tracked impressive overnight performance from the world’s largest cryptocurrency.

The close stood at just over $37,700, according to order book data from trading resource Material Indicators, as bid liquidity kept the intraday range and circumvented a last-minute sell-off

“Monthly close looks pretty good closing above $35K,” said popular trader Skew on social media platform X. “Could see some multi week compression between $35K - $39K.”

The trader added that major resistance on monthly timeframes is now higher, at $47,000 and near the record high in 2021 of $69,000, Cointelegraph reports

“Monthly candle was excellent with a candle body low of $34.5K, this is important in that the lower candle BODY low was higher than the preceding candle BODY high. This is a sign of strength!” stated trader and chartist JT on X. “And lest we forget we closed $3K higher this month than last month, and that’s progress!”

JT defined the high-timeframe chart outlook as “consistent and constructive.”

Bitcoin’s move above the $38,000 level, which occurred hours after the close, marked BTC’s first key move in the second half of the week.

In reference to the stubborn nature of the range below $40,000, exceeding it would be extremely significant, says Material Indicators co-founder Keith Alan.

He detailed the historical resistance/support (R/S) lines in play within the range, of similar importance to those that have already been cleared, including the past cycle’s all-time high in 2017 of $20,000.

“If you think BTC is hovering around an arbitrary price you would be mistaken. There is a significant amount of historical confluence in this little R/S Flip Zone,” he said overnight on X.

At the time of writing, the price of Bitcoin stands at $38,288.