Bitcoin Surges to Three-Month High, Signals Bullish Run for Cryptocurrencies
Summary:
Bitcoin's value soared to new three-month highs on October 23, with the price advancing to $30,944 on Bitstamp during the first Asian trading session of the week. Analysts suggest that Bitcoin, which is currently nudging the 2023 high of $31,800, is set for a significant bullish run. Additionally, other cryptocurrencies, known as altcoins, are seen to be benefiting from Bitcoin's current upward trend.
Bitcoin's value climbed to new three-month highs on October 23, gaining momentum during the initial Asian trading session of the week. Data sourced from Cointelegraph Markets Pro and TradingView indicated Bitcoin's price surging to $30,944 on Bitstamp. This is the first time since the summertime high that Bitcoin managed a weekly finish over $30,000. Positioned closer to significant long-term resistance levels, Bitcoin now challenges the 2023 high, currently at $31,800.
Renowned trader Jelle commented on the day's developments saying that although caution is advised, this resistance will eventually collapse, triggering a significant bullish movement.
Matthew Hyland, an analyst, stated that the market showed resemblance to the scenario prior to the most significant increase this year, implying Bitcoin was set for another bullish run.
Noticeable brisk trading activity captured the attention of trader Skew, who mentioned the occurrence of short squeezes. Continuing, Skew suggested that if the price retracts, then he anticipates signals of continuation around the $29.5K to $28.7K mark.
In other developments, research company Santiment observed a new combination in the cryptocurrency market, with altcoins also trending upwards similar to Bitcoin's recent strides. This is a contrast to prior periods when Bitcoin reached $30,000, where altcoins lagged behind Bitcoin's advancement.
Jelle issued a cross-crypto update detailing that while caution is advised, many people are unprepared for what is coming in the ensuing months for cryptocurrency in general. At the time of writing, Bitcoin is still pushing towards the $31,000 mark, with the Wall Street opening hours only six hours away.
Published At
10/23/2023 6:26:30 AM
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