{"id":24431,"date":"2023-11-01T07:57:01","date_gmt":"2023-11-01T07:57:01","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/btc-price-gets-36k-fomc-target-as-bitcoin-prints-29-uptober-gains\/"},"modified":"2023-11-01T07:57:04","modified_gmt":"2023-11-01T07:57:04","slug":"btc-price-gets-36k-fomc-target-as-bitcoin-prints-29-uptober-gains","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/btc-price-gets-36k-fomc-target-as-bitcoin-prints-29-uptober-gains\/","title":{"rendered":"BTC price gets $36K FOMC target as Bitcoin prints 29% ‘Uptober’ gains"},"content":{"rendered":"
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Bitcoin (BTC) has seen its highest monthly close since May 2022 after \u201cUptober\u201d delivered near 30% BTC price gains.<\/p>\n

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

Monthly close boosts Bitcoin bull market hopes<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView confirms Bitcoin bulls successfully held on to upside into Nov. 1.<\/p>\n

After navigating a choppy mid-month trading environment, hodlers were treated to a finale similar in character to October\u2019s initial breakout.<\/p>\n

Monitoring resource CoinGlass thus put October as the second best-performing month of 2023. Bitcoin gained 28.5%, trailing only January\u2019s 39.6%.<\/p>\n

BTC\/USD monthly returns (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n

Reacting, popular trader Bluntz cautioned over discounting what amounts to a \u201chigh timeframe weekly range breakout.\u201d<\/p>\n

\u201cI believe this current one will be akin to the oct 2020 ones and the april 2019 one,\u201d he wrote<\/a> in part of an X post around the monthly close.<\/p>\n

In both scenarios, BTC\/USD entered a new bullish phase, with straight upside lasting several months.<\/p>\n

BTC\/USD comparison. Source: Bluntz\/X<\/em><\/figcaption><\/figure>\n

Striking a similar note, fellow social media trading personality Moustache eyed the TK Crossover indicator for a rare bull market trigger.<\/p>\n

TK Crossover, which gets its name from a trading signal on the Ichimoku Cloud and involves two of its trendlines, Tenkan-sen and Kijun-sen, produced a once-in-a-cycle bull flag at the monthly close, he said.<\/p>\n

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#Bitcoin<\/a> <\/p>\n

The monthly close for October is only a few hours away.<\/p>\n

-The last 3 times $BTC<\/a> has closed above the Conversion Line () in the TK Cross-Indicator, we have seen a bull run in the following months (for at least ~300 days).<\/p>\n

Send it higher. pic.twitter.com\/pvWrwm0XG7<\/a><\/p>\n

\u2014 \u24d7 (@el_crypto_prof) October 31, 2023<\/a><\/p><\/blockquote>\n

On a slightly more conservative note, on-chain monitoring resource Material Indicators suggested that bullish momentum, while still present, is waning compared to last month.<\/p>\n

\u201cStill waiting for a retest of $33k, although we may not see it until after an attempt at $36k,\u201d it told<\/a> X subscribers alongside data from one of its proprietary trading tools.<\/p>\n

Trader eyes $36,000 BTC price after FOMC “fakeout”<\/h2>\n

Volatility meanwhile remains on the menu for market participants, with the week\u2019s main macroeconomic event due later in the day.<\/p>\n

Related: There are now nearly 40M Bitcoin addresses in profit \u2014 A new record<\/em><\/strong><\/p>\n

This comes in the form of the United States Federal Reserve announcing interest rate policy amid a testing inflation environment. Fed Chair Jerome Powell will also deliver a speech and hold a press conference.<\/p>\n

As Cointelegraph reported, market expectations are for the Federal Open Market Committee (FOMC) to keep rates at current, albeit elevated, levels.<\/p>\n

According to the latest data from CME Group\u2019s FedWatch Tool, the odds of that eventuality currently lie at nearly 98%.<\/p>\n

Fed target rate probabilities chart. Source: CME Group<\/em><\/figcaption><\/figure>\n

Commenting on the potential knock-on effects for BTC price action, popular trader Crypto Tony looked<\/a> to \u201cmore volatility and more movements as the talk begins and data is released.\u201d <\/p>\n

\u201cI personally expect a pause and no hikes, so I expect we see a $36,000 hit on this data following a fake out down first,\u201d he added, joining calls for a tap of the $36,000 mark.<\/p>\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