Bitcoin (BTC) has experienced its highest monthly close since May 2022, with impressive gains of almost 30% in what has been dubbed "Uptober". The month-end rally has provided a boost to Bitcoin bull market hopes.
Monthly Close Bolsters Bullish Sentiment
Data from Cointelegraph Markets Pro and TradingView confirms that Bitcoin bulls managed to maintain their control over the market into November 1st. Despite a volatile trading environment mid-month, long-term holders were rewarded with a strong finish, reminiscent of October's initial breakout.
Leading monitoring resource CoinGlass has ranked October as the second best-performing month of 2023, with Bitcoin recording a gain of 28.5%. This trails only the impressive 39.6% gain seen in January.
Notably, popular trader Bluntz has advised against dismissing this breakout as a mere "high timeframe weekly range breakout". Drawing parallels to similar patterns observed in October 2020 and April 2019, he believes that Bitcoin is now entering a new bullish phase that could last several months.
Another prominent trading personality, Moustache, has also highlighted the TK Crossover indicator as a rare bull market trigger. This indicator, based on the Ichimoku Cloud and its Tenkan-sen and Kijun-sen trendlines, has produced a once-in-a-cycle bull flag at the monthly close.
However, on-chain monitoring resource Material Indicators has taken a slightly more cautious stance. While bullish momentum remains, they suggest that it may be waning compared to the previous month. They have indicated that a retest of $33,000 may be necessary before a potential push towards $36,000.
Trader Eyes $36,000 Bitcoin Price After FOMC Announcement
Volatility continues to be a major factor for market participants, with the United States Federal Reserve scheduled to announce its interest rate policy. This announcement comes at a time of heightened inflation concerns, and Fed Chair Jerome Powell will also deliver a speech and hold a press conference.
Market expectations are that the Federal Open Market Committee (FOMC) will maintain interest rates at their current, albeit elevated, levels. The latest data from CME Group's FedWatch Tool indicates a nearly 98% likelihood of this outcome.
Trader Crypto Tony anticipates that the FOMC announcement will lead to increased volatility and movements in the market. He personally expects a pause in rate hikes, leading to a potential surge towards the $36,000 mark for Bitcoin.
It is important to note that this article does not provide investment advice or recommendations. Readers are advised to conduct their own research and analysis before making any investment decisions.
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