Crypto traders are urged to be cautious as Bitcoin price hits a 3-month high of around $31,000.
Bitcoin (BTC) hit a new three-month high on October 23, as the first Asian trading session of the week produced rapid gains.
Bitcoin bulls will have trouble resisting the BTC price.
Data from Cointelegraph Markets Pro and TradingView showed BTC prices rising to $30,944 on Bitstamp.
The largest cryptocurrency saw its first weekly close above $30,000 since the summer, continuing to push towards key long-term resistance levels. This increased the 2023 high, currently at $31,800.
“Bitcoin has hit key resistance for the third time in 6 months,” noted trader Jelle responded on a Day X post.
“It's time to be cautious, but I don't think you want to be bold here just because we've come across opposition. The level will eventually give way – and the action will be explosive. Mark… Talk…”
Analyst Matthew Hyland has suggested that Bitcoin is already set for another move higher.
All the signs of this #Bitcoin rally were there.
$26.5k then
$30.8k now https://t.co/8QPSmX9N84
— Matthew Hyland (@MatthewHyland_) October 23, 2023
After the action on the exchange, another trader Skew noted that short squeezes are underway.
“Price tests key HTF resistance zone again,” said another X entry, referring to high-term (HTF) levels.
“However, if the price is to pull back, it will look for further signals around $29.5k to $28.7k.”
Altcoins take a break
Elsewhere, research firm Sentiment has spied a new crypto market setup that includes Bitcoin's recent gains.
RELATED: Bitcoin Gauges ‘Enhance Bullish Chances' As BTC Price Holds 200-Week Trendline
Altcoins, he said, are moving upwards in a stepwise manner – a phenomenon not seen recently during previous $30,000 taps.
Unlike #Bitcoin's previous two brief visits to $30K, this latest resistance level ended the weekend with #altcoins rising rather than $BTC falling back. $LINK, $MATIC, $UIP, $APT, and $AAVE are all seeing the best performing links of 2023. pic.twitter.com/ci7MPh25yf
— Santiment (@santimentfeed) October 23, 2023
“Altcoin spaces continue to print money,” Jelle wrote in part of the cross-crypto update, but cautioned, “Not many people are prepared for what will happen in the coming months.”
Related: Bitcoin Price Cracks $30K, Possibly Clearing the Way for SOL, LINK, AAVE and STX
At the time of this writing, Bitcoin continues to make $31,000 as of the Wall Street open.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
