Bitcoin Maintains Steady Performance
Bitcoin (BTC) reached $34,000 at the opening of Wall Street on October 27, attracting attention to its price performance compared to other macro assets. BTC/USD remained stable, preserving its gains from earlier in the week, as the weekly and monthly closes approached.
Range Predictions and Open Interest
Trader Daan Crypto Trades suggested that Bitcoin would likely stay within a range of $33,000 to $35,000 for some time, while keeping an eye out for potential quick trades. Daan also noted that open interest had recovered to levels not seen since the sudden price increase that led Bitcoin to reach a 17-month high.
Downside Signal and Bearish Implications
On-chain monitoring resource Material Indicators indicated a downside signal on one of its proprietary trading instruments. However, the bearish implication would only be invalidated if Bitcoin's price rose to $38,850. Material Indicators commented that it was still possible for Bitcoin to reach that level before the monthly candle close.
Optimistic Outlook and Decoupling from Equities
Trader Kaleo highlighted that Bitcoin had outperformed the S&P 500 by a significant margin since September, suggesting that there was still potential for further price increases. He argued that there was "plenty of fuel left in the tank" for Bitcoin to reach $40,000.
Significance of Resistance Levels
Analyst Matthew Hyland emphasized the importance of recent resistance levels potentially turning into weekly and monthly support. He stated that breaking through the $32,000 level was a significant milestone and suggested that bears had limited options left.
Note: This article does not provide investment advice or recommendations. Readers are advised to conduct their own research before making any investment decisions.
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