“Bitcoin’s remarkable performance in October outshines the S&P 500, as the cryptocurrency market gains momentum and experts foresee a soaring $40K BTC price on the horizon.”
Bitcoin Surfs $34,000 as Attention Shifts to BTC Price Performance against Macro Assets
Bitcoin (BTC) reached $34,000 at the Wall Street open on October 27 as investors turned their attention to BTC price performance against macro assets. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding steady and preserving its early-week gains.
Despite the lack of significant volatility, traders are closely watching the weekly and monthly closes, which are key moments for the October uptrend. Popular trader Daan Crypto Trades believes that Bitcoin will remain within the range of $33,000 to $35,000 for some time, and he advises keeping an eye on potential quick trades if any of these levels are swept.
Open interest (OI) has also recovered to levels seen before the sudden uptick that sent Bitcoin to 17-month highs. This recovery in OI has been a characteristic feature of BTC price “squeezes” in recent weeks.
On the downside, Material Indicators, an on-chain monitoring resource, flagged a bearish signal on one of its proprietary trading instruments. However, this signal would only be invalidated if Bitcoin moves above $38,850.
Despite these indicators, there are optimistic perspectives on Bitcoin’s price. Social media trader Kaleo noted that Bitcoin has outperformed the S&P 500 since September. He believes that there is still plenty of fuel left for Bitcoin to make a move higher to $40,000.
Others have pointed out the significance of recent resistance levels potentially flipping to weekly and monthly support. Breaking through $32,000 is seen as a significant milestone, and bears are running out of options.
It is important to note that this article does not provide investment advice or recommendations. Investors should conduct their own research and analysis before making any decisions.