Traders: Bitcoin price hits 3-month high Traders need to proceed with caution

By William Suberg, Cointelegraph; Compiled: Pine Snow, Golden Finance

On October 23, with the rapid rise of the first Asian trading session of the week, Bitcoin hit a three-month high.

! [kBvlKRYaeeABh3deZDbEDeSXo9gxBerRpeuPjI87.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-e24d6b78ce-dd1a6f-69ad2a.webp “7120971”)

BTC/USD 1-hour chart. Source: TradingView

Bitcoin bulls face Bitcoin price resistance

Data from Cointelegraph Markets Pro and TradingView shows that the price of bitcoin rose strongly, reaching $30,944 on Bitstamp.

The largest cryptocurrency by market capitalization closed above $30,000 for the first time since the summer, continuing to approach key long-term resistance levels. That includes the 2023 high, which currently stands at $31,800.

“Bitcoin is back at a key resistance level for the third time in 6 months,” Jelle, a prominent trader, responded in a post that day.

"It’s time to be cautious, but I don’t think you’re going to want to be bearish just because we hit the resistance level. The price level will eventually fall, and this movement will be explosive. ”

! [7IsCzZ4ti1yptJ4F4jcqfbhtA5RkjDnURmkO1yIN.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-444fba710b-dd1a6f-69ad2a.webp “7120974”)

BTC/USD annotation chart. Source: Jelle/X

Analyst Matthew Hyland said bitcoin is ready to move higher again, with current market movements similar to those before the year-to-date highs.

All signs of Bitcoin’s rally are there

after $26.5k

Now $308,000

– Matthew Highland (@MatthewHyland _) October 23, 2023

After the exchange took action, another trader, Skew, noted that the bearish squeeze was underway.

Another message on “X” mentions: “Test the key High Timeframe (HTF) resistance zone again”, here the High Timeframe (HTF) level is cited.

“However, if the price pulls back, we will look for sustained signals near the $29,500 to $28,700 area.”

! [S84aGS8z2ToB4Fov2lQempUKJLRN65Rijm6QXfIz.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-a505dea915-dd1a6f-69ad2a.webp “7120993”)

BTC/USD annotated chart. Source: Skew/X

Altcoin got a respite

Elsewhere, research firm Santiment has discovered a new cryptocurrency market landscape that has emerged with Bitcoin’s latest rally.

It noted that altcoins are rising together, a phenomenon that did not appear in the recent $30,000 previous attempts.

Unlike #Bitcoin’s previous two brief touches of $30,000, the latest resistance breakout at the end of the weekend occurred when the #altcoins was soaring, rather than trailing the price of BTC. $LINK, $MATIC, $UIP, $APT, and $AAVE all saw the best in 2023. pic.twitter.com/ci7MPh25yf

• Santiment (@santimentfeed) October 23, 2023

Jelle wrote in part of the cross-cryptocurrency update: "Altcoin positions continue to make money. He believes that while caution is necessary, “not many people are prepared for what is going to happen in the coming months.” ”

As of this writing, about six hours before the Wall Street open, Bitcoin continues to face pressure at $31,000.

! [dX7e7mG40ALGY7YHvgREdHjfX8qrn0j34Zefoy2M.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-76d804d0c6-dd1a6f-69ad2a.webp “7121009”)

BTC/USD 1-day chart. Source: TradingView