Crypto Enthusiasts Sound the Alarm as Bitcoin Surges to 3-Month High Just Shy of $31K

Bitcoin is poised to encounter resistance levels at 2023 highs following a 3% price surge immediately after the weekly close.

Bitcoin (BTC) hit new 3-month highs on October 23 as the week’s first Asia trading session recorded abrupt gains.

Bitcoin Bulls Face A Major Resistance

Data from TradingView showed the price of Bitcoin adding momentum to spike to $30,944 on Bitstamp.

The biggest crypto saw its first weekly close above $30,000 since the summer and went on to tackle levels near key long-term resistance. That included the 2023 high, now at $30,500.

A popular trader Jelle responded in one of the day’s notable X posts:

“Bitcoin is back at key resistance for the third time in 6 months.”

“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…”

According to analyst Matthew Hyland, Bitcoin appeared to be well-positioned for another upward trajectory, as market conditions resembled those just before reaching the year-to-date peak.

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

After action on exchanges, fellow trader Skew noted short squeezes underway.

Another X entry stated while referencing high-timeframe (HTF) levels:

“Price testing key HTF resistance area again.”

“However if price pulls back will be looking for continuation signals around the $29.5K – $28.7K area.”

Buy Bitcoin Now

Altcoins Catch A Breather

Elsewhere, research company Santiment set up a new crypto market price action accompanying Bitcoin’s latest profits.

Altcoins were moving higher in step – a phenomenon not seen in recent moves above $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

In a comprehensive cross-crypto update, Jelle mentioned that altcoin positions were consistently generating substantial profits. He emphasized the need for caution but also noted that few individuals were adequately prepared for the forthcoming developments in the coming months.

At the time of publication, Bitcoin was continuing to pressure $30,600, with around two hours until Wall Street opens.