- Bitcoin’s value has surged to a three-month high, almost reaching $31,000, prompting experts to caution traders about potential resistance levels.
- While altcoins also experience gains, aligning with Bitcoin’s upward trend, market observers advise vigilance in the face of possible market fluctuations.
The opening of Asia’s trading session on October 23 saw Bitcoin (BTC) reach new three-month highs, with its value momentarily hitting $30,944 on Bitstamp. This surge is noted by data from Cointelegraph Markets Pro and TradingView, which captured the cryptocurrency’s momentum.
Navigating Bitcoin’s Price Resistance
Bitcoin not only celebrated its first weekly close above the $30,000 mark since summer, but it also ventured into territories closer to significant long-term resistance levels. Among these levels is the 2023 high, currently standing at $31,800. Jelle, a well-known trader, highlighted Bitcoin’s position, stating,
“Bitcoin is back at key resistance for the third time in 6 months.”
He urged for caution but maintained an optimistic stance, suggesting that while resistance is being tested, an explosive move is imminent.
Analyst Matthew Hyland drew parallels between the current market conditions and those present just before Bitcoin hit its year-to-date high, hinting at the potential for further upward movement. Skew, another trader, pointed out short squeezes in action and the testing of key high-timeframe (HTF) resistance areas. He also mentioned potential areas for continuation signals, should a price pullback occur.
The Altcoin Situation
Concurrently, altcoins experienced a positive shift, with many seeing gains alongside Bitcoin. Research firm Santiment observed this trend, noting that altcoins were performing well during Bitcoin’s recent approaches to $30,000—a scenario not witnessed during previous attempts. Jelle commented on this phenomenon, stating,
“Altcoin positions continue to print money,”
but cautioned that while exciting times might be ahead, market participants should remain prepared.
As the report concludes, Bitcoin was still exerting pressure on the $31,000 mark, with the Wall Street opening only six hours away, leaving traders and investors alike watching the market closely for its next move.