![Crypto traders urge caution as Bitcoin price hits 3-month high near K Crypto traders urge caution as Bitcoin price hits 3-month high near K](https://i0.wp.com/images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=1200/https://s3.cointelegraph.com/uploads/2023-10/cee58e09-ad22-4dd2-923c-6f847bcd5423.jpg?fit=%2C&ssl=1)
Bitcoin (BTC) hit a three-month high on October 23, posting sharp gains on the first Asian trading day of the week.
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Bitcoin Bulls Face Tightening BTC Price Resistance
Data comes from Cointelegraph Markets Pro and trading view Bitstamp shows BTC price rising momentum reaching $30,944.
The largest cryptocurrency closed above $30,000 on a weekly basis for the first time since the summer and continues to attack levels near key long-term resistance. This includes the 2023 high, currently at $31,800.
“Bitcoin is back at key resistance for the third time in 6 months,” popular trader Jelle responded In one of the X posts of the day.
“It’s time to be cautious, but I don’t think you want to be bearish just because we hit resistance. The level will eventually give in – and the move will be explosive. Tick…tick…”
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Analyst Matthew Hyland says Bitcoin is ready to move higher again, with the market showing similarities to what it was before the year-to-date highs.
All signs point to this #bitcoin The rally is there
So $26,500
Now $30,800 https://t.co/8QPSmX9N84
— Matthew Hyland (@MatthewHyland_) October 23, 2023
After exchange action, peer trader Skew famous A short squeeze is underway.
“Price again tests key HTF resistance area,” another X entry said, referring to the high time frame (HTF) level.
“However, if prices pull back, we will look for continued signals around the $29,500 to $28,700 area.”
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Altcoins take a break
Elsewhere, research firm Santiment identified a new cryptocurrency market setup accompanying Bitcoin’s latest rally.
RELATED: Bitcoin Indicators ‘Increase Bullish Odds’ as BTC Price Holds 200-Week Trendline
It noted that altcoins are moving higher in tandem – a phenomenon that was not seen during the recent rally to $30,000.
unlike #bitcoinAfter briefly touching $30,000 twice before, the latest breakout of resistance at the end of the weekend occurred at #altcoin Surge, not fall behind Bitcoin USDs price. $LINK, $MATIC, $UIP, $APTand $ghost Everyone sees the best-performing decoupling in 2023. pic.twitter.com/ci7MPh25yf
— Santiment (@santimentfeed) October 23, 2023
“Altcoin positions continue to print money,” Jayler wrote As part of a cross-crypto update, he argued that while caution is needed, “not many people are prepared for what is going to happen in the coming months.”
Related: Bitcoin Price Tops $30,000, Could Clear the Way for SOL, LINK, AAVE, and STX
As of this writing, with about six hours until Wall Street opens, Bitcoin continues to face pressure at $31,000.
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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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