Bitcoin (BTC) has experienced its highest monthly close since May 2022, following a successful month of October that delivered nearly 30% price gains. Data from Cointelegraph Markets Pro and TradingView confirms that Bitcoin bulls held on to the upside momentum into November 1.
After a choppy mid-month trading environment, Bitcoin holders were treated to a finale similar to October’s initial breakout. CoinGlass, a monitoring resource, declared October as the second best-performing month of 2023, with Bitcoin gaining 28.5%, behind only January’s 39.6% increase.
Popular trader Bluntz cautioned against discounting the significance of the monthly close, comparing it to previous high-timeframe weekly range breakouts in October 2020 and April 2019. In both instances, BTC/USD entered a new bullish phase, leading to several months of straight upside.
Another trading personality, Moustache, pointed to the TK Crossover indicator as a rare bull market trigger. The TK Crossover, named after a trading signal on the Ichimoku Cloud, showed a once-in-a-cycle bull flag at the monthly close.
While on-chain monitoring resource Material Indicators suggested that bullish momentum is still present, it noted a decrease compared to the previous month. The resource stated that it is still waiting for a retest of $33k, which may not occur until after an attempt at $36k.
Volatility continues to be a factor in the market, with the United States Federal Reserve’s interest rate policy announcement being a significant macroeconomic event. Market expectations predict that the Federal Open Market Committee (FOMC) will maintain rates at their current, elevated levels. According to CME Group’s FedWatch Tool, the odds of this eventuality are currently nearly 98%.
Traders anticipate more volatility and movement in BTC price as the FOMC announcement and data release take place. Popular trader Crypto Tony expects a pause in interest rate hikes and predicts a $36,000 target for BTC price following the data release, after a possible fakeout down.
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.