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.
All the signs for this #Bitcoin rally were there
$26.5k then
$30.8k now https://t.co/8QPSmX9N84
— Matthew Hyland (@MatthewHyland_) October 23, 2023
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.
Unlike #Bitcoin’s previous two brief visits to $30K, this latest resistance level break to end the weekend has occurred as #altcoins surge, rather than falling behind $BTC’s price. $LINK, $MATIC, $UIP, $APT, and $AAVE are all seeing their best performing decouplings of 2023. pic.twitter.com/ci7MPh25yf
— Santiment (@santimentfeed) October 23, 2023
“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.
