Bitcoin (BTC) hit its highest monthly closing price since May 2022, after the price of BTC on “Uptober” increased by nearly 30%.
Monthly close boosts Bitcoin bull hopes
Data comes from Cointelegraph Markets Pro and trading view Confirming that Bitcoin bulls managed to sustain the uptrend until November 1st.
After a volatile mid-month trading environment, holders experienced a similar ending to October’s initial breakout.
Therefore, monitoring resource CoinGlass sets October as Second best performing month Bitcoin is up 28.5% in 2023, trailing only January’s 39.6% gain.
In response, popular trader Brentz warned not to underestimate “weekly range breakouts on high time frames.”
“I believe the current one will be similar to the ones in October 2020 and April 2019,” he said wrote Part of X post at the end of each month.
In both cases, BTC/USD entered a new bullish phase and continued its straight-line rise for several months.
Social media trader Mustache made a similar point, citing the TK Cross indicator as a rare bull market trigger.
He said the TK Crossover got its name from a trading signal on the Ichimoku Cloud involving two trend lines Tenkan-sen and Kijun-sen that produced a once-in-a-cycle bull flag pattern at the monthly close.
There are just a few hours left until October’s monthly close.
-Last 3 times Bitcoin USD If the closing price is above the conversion line () in the TK Cross indicator, we will see a bull market in the next few months (at least ~300 days).
Send higher. pic.twitter.com/pvWrwm0XG7
— ⓗ (@el_crypto_prof) October 31, 2023
On a slightly more conservative note, on-chain monitoring resource Material Indicators suggests that bullish momentum, while still present, is waning compared to last month.
“Still awaiting retest at $33,000, although we may not see it until $36,000 is tried,” Tell X subscribers and data from one of its proprietary trading tools.
Traders target Bitcoin price at $36,000 after FOMC ‘fake news’
Meanwhile, market participants remain focused on volatility with the week’s major macroeconomic events due to be announced later in the day.
Related: Nearly 40 Million Bitcoin Addresses Are Now Profitable—A New Record
This comes in the form of the Fed announcing interest rate policy amid a severe inflationary environment. Federal Reserve Chairman Powell will also deliver a speech and hold a press conference.
According to Cointelegraph, the market expects the Federal Open Market Committee (FOMC) to keep interest rates at current levels (albeit higher).
According to the latest data from CME Group Fed Watch Toolthe current possibility of this possibility is close to 98%.
Famous trader Crypto Tony comments on potential ripple effects on BTC price action It seems “As conversations start and data comes out, there’s more volatility and more changes.”
“I personally expect a pause and no rate hikes, so I expect we’ll see the data hit $36,000 after the false drop,” he added, adding to calls for a push for the $36,000 mark. .
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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