Bitcoin

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 Bitcoin faces 2023 resistance levels next after the weekly close sees a 3% BTC price push.
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 Bitcoin (BTC) hit new three-month highs on Oct. 23 as the week’s first Asia trading session produced snap gains.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/23/052542dc6db49dee9bdda4d149065ec1.webp">
 <figcaption style="text-align: center;">BTC/USD 1-hour chart. Source: TradingView
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 <h2 id="bitcoin-bulls-face-crunch-btc-price-resistance">Bitcoin bulls face crunch BTC price resistance</h2>
 Data from Cointelegraph Markets Pro and TradingView showed BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> adding momentum to reach $30,944 on Bitstamp.
 The largest cryptocurrency saw its first weekly close above $30,000 since the summer, going on to tackle levels closer to key long-term resistance. This included the 2023 high, currently at $31,800.
 “Bitcoin is back at key resistance for the third time in 6 months,” popular trader Jelle responded in one of the day’s X posts.
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 “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…”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/10/23/83e544964ea433964d7cd7cde07c94ce.webp">
 <figcaption style="text-align: center;">BTC/USD annotated chart. Source: Jelle/X
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 Analyst Matthew Hyland suggested that Bitcoin had been already primed for another move higher, with the market showing similarities to just before the year-to-date high.
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 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
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 Following action on exchanges, fellow <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> Skew noted short squeezes underway.
 “Price testing key HTF resistance area again,” another X entry stated, referencing high-timeframe (HTF) levels.
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 “However if price pulls back will be looking for continuation signals around $29.5K - $28.7K area.”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/10/23/71db5ad7bcecc27c2d661fcb1fbe0063.webp">
 <figcaption style="text-align: center;">BTC/USD annotated chart. Source: Skew/X
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 <h2 id="altcoins-catch-a-break">Altcoins catch a break</h2>
 Elsewhere, research firm Santiment spied a new crypto market setup accompanying Bitcoin’s latest gains.
 Related:&nbsp;Bitcoin metrics ‘improve bullish odds’ as BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> holds 200-week trendline
 Altcoins, it noted, were moving higher in step — a phenomenon not seen during recent prior taps of $30,000.
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 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 <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>. $LINK, $MATIC, $UIP, $APT, and $AAVE are all seeing their best performing decouplings of 2023. pic.twitter.com/ci7MPh25yf— Santiment (@santimentfeed) October 23, 2023
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 “Altcoin positions continue to print money,” Jelle wrote in part of a cross-crypto update, arguing that while <a rel="noopener noreferrer nofollow" title="caution" href="https://thebittimes.com/tag/caution.html">caution</a> was warranted, “not many people are ready for whats going to happen in the next months.”
 Related:&nbsp;Bitcoin price cracks $30K, possibly clearing a path for SOL, LINK, AAVE and STX
 At the time of writing, Bitcoin was continuing to pressure $31,000, with around six hours until the Wall Street open.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/23/4535a7d732de765d5a735bfb31768d77.webp">
 <figcaption style="text-align: center;">BTC/USD 1-day chart. Source: TradingView
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 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-traders-urge-caution-as-bitcoin-price-hits-3-month-high-near-31k-tbt67331.html">https://thebittimes.com/crypto-traders-urge-caution-as-bitcoin-price-hits-3-month-high-near-31k-tbt67331.html</a>

Crypto traders urge caution as Bitcoin price hits 3-month high near $31K

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