Bitcoin (BTC) hit a new three-month high on Oct. 23, posting quick gains in the first trading session this week in Asia.
Bitcoin bulls have strong BTC price resistance
Data from Cointelegraph Markets Pro and TradingView show that BTC price has gained momentum to reach $30,944 on Bitstamp.
The largest cryptocurrency posted its first weekly close above $30,000 since the summer, approaching key long-term resistance levels. This includes the 2023 Hi, which is currently priced at $31,800.
"Bitcoin has returned to key resistance for the third time in six months," trader Gilley said in a note on Day X.
“It's time to be cautious, but I don't think you want to be pessimistic here because we're facing resistance. The level will eventually happen and the action will be explosive. TikTok..."
Analyst Matthew Hyland suggests that Bitcoin is already poised for further upside as the market appears to be matching previous YTD highs.
After following the steps provided by the exchange, fellow trader Skew noticed that small pressures were occurring
"Price retests key HTF resistance area," X said in another post, referring to the High Time Frame (HTF) level.
"However, if prices decline, look for signs of continuation in the $29.5-$28.7k range."
Altcoins are taking a break
Elsewhere, research firm Santiment has identified a new cryptocurrency market structure that will match Bitcoin's recent gains.
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Altcoins are seen continuing to move higher, a phenomenon not seen in the previous $30,000 rally.
"Altcoin positions continue to print money," Gilley wrote in a crypto update, though caution is warranted as "many people are unprepared for what's to come in the coming months."
CONTACT: Bitcoin price above $30,000 could pave the way for SOL, LINK, AAVE and STX.
At the time of writing, Bitcoin is under pressure at $31,000 with about six hours to go before the Wall Street open.
This article does not contain investment advice or recommendations. Any investment or trading activity involves risk and readers should do their own research when making decisions.
