Crypto

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

Bitcoin (BTC) hit new three-month highs on Oct. 23 as the week’s first Asia trading session produced snap gains.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin bulls face crunch BTC price resistance

Data from Cointelegraph Markets Pro and TradingView showed BTC price adding momentum to reach $30,944 on Bitstamp.

The largest cryptocurrency saw its first weekly close above $30,000 since the summer, going on to tackle levels closer to key long-term resistance. This included the 2023 high, currently at $31,800.

“Bitcoin is back at key resistance for the third time in 6 months,” popular trader Jelle responded in one of the day’s X posts.

“Time to be cautious, but I don’t think you want to be bearish here just because we’re reaching resistance. The level will eventually give in — and the move will be explosive. Tick… Tock…”

BTC/USD annotated chart. Source: Jelle/X

Analyst Matthew Hyland suggested that Bitcoin had been already primed for another move higher, with the market showing similarities to just before the year-to-date high.

Following action on exchanges, fellow trader Skew noted short squeezes underway.

“Price testing key HTF resistance area again,” another X entry stated, referencing high-timeframe (HTF) levels.

“However if price pulls back will be looking for continuation signals around $29.5K – $28.7K area.”

BTC/USD annotated chart. Source: Skew/X

Altcoins catch a break

Elsewhere, research firm Santiment spied a new crypto market setup accompanying Bitcoin’s latest gains.

Related: Bitcoin metrics ‘improve bullish odds’ as BTC price holds 200-week trendline

Altcoins, it noted, were moving higher in step — a phenomenon not seen during recent prior taps of $30,000.

“Altcoin positions continue to print money,” Jelle wrote in part of a cross-crypto update, arguing that while caution was warranted, “not many people are ready for whats going to happen in the next months.”

Related: Bitcoin price cracks $30K, possibly clearing a path for SOL, LINK, AAVE and STX

At the time of writing, Bitcoin was continuing to pressure $31,000, with around six hours until the Wall Street open.

BTC/USD 1-day chart. Source: TradingView

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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