{"id":23982,"date":"2023-10-23T06:41:12","date_gmt":"2023-10-23T06:41:12","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/crypto-traders-urge-caution-as-bitcoin-price-hits-3-month-high-near-31k\/"},"modified":"2023-10-23T06:41:14","modified_gmt":"2023-10-23T06:41:14","slug":"crypto-traders-urge-caution-as-bitcoin-price-hits-3-month-high-near-31k","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/crypto-traders-urge-caution-as-bitcoin-price-hits-3-month-high-near-31k\/","title":{"rendered":"Crypto traders urge caution as Bitcoin price hits 3-month high near $31K"},"content":{"rendered":"
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Bitcoin (BTC) hit new three-month highs on Oct. 23 as the week\u2019s first Asia trading session produced snap gains.<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin bulls face crunch BTC price resistance<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed BTC price adding momentum to reach $30,944 on Bitstamp.<\/p>\n

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.<\/p>\n

\u201cBitcoin is back at key resistance for the third time in 6 months,\u201d popular trader Jelle responded<\/a> in one of the day\u2019s X posts.<\/p>\n

\u201cTime 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\u2026\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Jelle\/X<\/em><\/figcaption><\/figure>\n

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.<\/p>\n

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All the signs for this #Bitcoin<\/a> rally were there<\/p>\n

$26.5k then<\/p>\n

$30.8k now https:\/\/t.co\/8QPSmX9N84<\/p>\n

\u2014 Matthew Hyland (@MatthewHyland_) October 23, 2023<\/a><\/p><\/blockquote>\n

Following action on exchanges, fellow trader Skew noted<\/a> short squeezes underway.<\/p>\n

\u201cPrice testing key HTF resistance area again,\u201d another X entry stated, referencing high-timeframe (HTF) levels.<\/p>\n

\u201cHowever if price pulls back will be looking for continuation signals around $29.5K – $28.7K area.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Skew\/X<\/em><\/figcaption><\/figure>\n

Altcoins catch a break<\/h2>\n

Elsewhere, research firm Santiment spied a new crypto market setup accompanying Bitcoin\u2019s latest gains.<\/p>\n

Related:\u00a0Bitcoin metrics \u2018improve bullish odds\u2019 as BTC price holds 200-week trendline<\/em><\/strong><\/p>\n

Altcoins, it noted, were moving higher in step \u2014 a phenomenon not seen during recent prior taps of $30,000.<\/p>\n

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Unlike #Bitcoin<\/a>‘s previous two brief visits to $30K, this latest resistance level break to end the weekend has occurred as #altcoins<\/a> surge, rather than falling behind $BTC<\/a>‘s price. $LINK<\/a>, $MATIC<\/a>, $UIP<\/a>, $APT<\/a>, and $AAVE<\/a> are all seeing their best performing decouplings of 2023. pic.twitter.com\/ci7MPh25yf<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) October 23, 2023<\/a><\/p><\/blockquote>\n

\u201cAltcoin positions continue to print money,\u201d Jelle wrote<\/a> in part of a cross-crypto update, arguing that while caution was warranted, \u201cnot many people are ready for whats going to happen in the next months.\u201d <\/p>\n

Related:\u00a0Bitcoin price cracks $30K, possibly clearing a path for SOL, LINK, AAVE and STX<\/em><\/strong><\/p>\n

At the time of writing, Bitcoin was continuing to pressure $31,000, with around six hours until the Wall Street open.<\/p>\n

BTC\/USD 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

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.\n<\/p>\n<\/div>\n