Bitcoin (BTC) hit a three-month high on October 23, posting sharp gains on the first Asian trading day of the week.
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…”
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.”
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.
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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