Crypto traders urge caution as Bitcoin price hits 3-month high near $31K

Bitcoin (BTC) hit new three-month highs on Oct. 23 because the week’s first Asia buying and selling session produced snap beneficial properties.

Bitcoin bulls face crunch BTC value resistance

Information from Cointelegraph Markets Professional and TradingView confirmed BTC value including momentum to succeed in $30,944 on Bitstamp.

The biggest cryptocurrency noticed its first weekly shut above $30,000 because the summer time, happening to sort out ranges nearer to key long-term resistance. This included the 2023 excessive, presently at $31,800.

“Bitcoin is again at key resistance for the third time in 6 months,” fashionable dealer Jelle responded in one of many day’s X posts.

“Time to be cautious, however I do not suppose you wish to be bearish right here simply because we’re reaching resistance. The extent will finally give in — and the transfer can be explosive. Tick… Tock…”

Analyst Matthew Hyland urged that Bitcoin had been already primed for an additional transfer greater, with the market displaying similarities to only earlier than the year-to-date excessive.

All of the indicators for this #Bitcoin rally have been there

$26.5k then

$30.8k now https://t.co/8QPSmX9N84

— Matthew Hyland (@MatthewHyland_) October 23, 2023

Following motion on exchanges, fellow dealer Skew noted quick squeezes underway.

“Value testing key HTF resistance space once more,” one other X entry acknowledged, referencing high-timeframe (HTF) ranges.

“Nevertheless if value pulls again can be on the lookout for continuation indicators round $29.5K – $28.7K space.”

Altcoins catch a break

Elsewhere, analysis agency Santiment spied a brand new crypto market setup accompanying Bitcoin’s newest beneficial properties.

Associated: Bitcoin metrics ‘enhance bullish odds’ as BTC value holds 200-week trendline

Altcoins, it famous, have been shifting greater in step — a phenomenon not seen throughout current prior faucets of $30,000.

In contrast to #Bitcoin‘s earlier two temporary visits to $30Ok, this newest resistance degree break to finish the weekend has occurred as #altcoins surge, somewhat than falling behind $BTC‘s value. $LINK, $MATIC, $UIP, $APT, and $AAVE are all seeing their finest performing decouplings of 2023. pic.twitter.com/ci7MPh25yf

— Santiment (@santimentfeed) October 23, 2023

“Altcoin positions proceed to print cash,” Jelle wrote in a part of a cross-crypto replace, arguing that whereas warning was warranted, “not many individuals are prepared for whats going to occur within the subsequent months.”

Associated: Bitcoin value cracks $30Ok, probably clearing a path for SOL, LINK, AAVE and STX

On the time of writing, Bitcoin was persevering with to strain $31,000, with round six hours till the Wall Road open.

This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a call.