Bitcoin (BTC) experienced a surge in price on October 23, reaching new three-month highs during the week’s first Asia trading session. The cryptocurrency rose to $30,944 on Bitstamp, marking its first weekly close above $30,000 since the summer and approaching key long-term resistance levels, including the 2023 high at $31,800.
Traders and analysts took notice of Bitcoin’s performance. Jelle, a popular trader, noted that Bitcoin was back at key resistance for the third time in six months. While caution was advised, Jelle believed that the resistance level would eventually give in, leading to an explosive move. Analyst Matthew Hyland also observed that Bitcoin was primed for another upward move, drawing parallels to the market setup prior to the year-to-date high.
As the price of Bitcoin surged, short squeezes were witnessed, as noted by fellow trader Skew. The market was testing key high-timeframe (HTF) resistance areas, and if a pullback occurred, traders were looking for continuation signals around the $29,500 to $28,700 range.
In an interesting development, altcoins rallied alongside Bitcoin, which was not seen during previous touches of the $30,000 level. Research firm Santiment highlighted this, stating that altcoins were surging rather than falling behind Bitcoin’s price. Popular altcoins such as LINK, MATIC, UIP, APT, and AAVE were experiencing their best performing decouplings of 2023.
Jelle emphasized that altcoin positions were profitable, but cautioned about the future. He suggested that not many people were prepared for what would happen in the coming months, indicating potential volatility and opportunities in the market.
At the time of writing, Bitcoin was still pushing towards $31,000, with approximately six hours remaining until the Wall Street open. Traders and investors continued to monitor the market closely.
It is important to note that this article does not provide investment advice or recommendations. All investment and trading decisions involve risks, and readers should conduct their own research before making any decisions.