Bitcoin Price Soars in Asia Trading Session
Bitcoin (BTC) reached new three-month highs on October 23 as the week's first Asia trading session yielded significant gains. Data from Cointelegraph Markets Pro and TradingView showed that the BTC price surged to $30,944 on Bitstamp. This marked the first time the largest cryptocurrency closed above $30,000 since the summer, and it proceeded to challenge key long-term resistance levels, including the 2023 high at $31,800.
Bulls Remain Optimistic Despite Resistance
Popular trader Jelle commented on Bitcoin's return to key resistance, stating that caution was necessary but bearishness should be avoided. He believes that the resistance level will eventually break, leading to an explosive move. Other analysts, such as Matthew Hyland, suggested that Bitcoin was poised for another upward move, drawing similarities to its year-to-date high.
Altcoins Show Signs of Recovery
Research firm Santiment observed a new market setup in the crypto space that accompanied Bitcoin's recent gains. It noted that altcoins were also rising in tandem, which had not been the case during previous tests of the $30,000 level. This development suggests that the altcoin market is gaining momentum and could potentially outperform Bitcoin in the coming months.
Bitcoin's price was still hovering around $31,000 at the time of writing, with the Wall Street opening just a few hours away.
Note: This article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.
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