Coinbry

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Bitcoin price nears $31K, prompting crypto traders to advise caution

Bitcoin price nears $31K, prompting crypto traders to advise caution

Bitcoin faces resistance levels in 2023 after a 3% price push following the weekly close.

– Bitcoin reached new three-month highs on October 23, surpassing $30,000.

– The cryptocurrency is approaching key long-term resistance levels, including the 2023 high at $31,800.

– Traders are cautious but not bearish, expecting a potential explosive move once the resistance level is breached.

– Analysts note similarities between the current market setup and the period before Bitcoin’s year-to-date high.

– Altcoins are also experiencing gains alongside Bitcoin’s rally, unlike previous instances where they fell behind.

– Altcoin positions are seen as profitable, and caution is advised for the coming months.

– Bitcoin is continuing to test the $31,000 level as Wall Street prepares to open.

Summary:

Bitcoin saw a 3% price push after the weekly close, reaching new three-month highs. It is now approaching key resistance levels, including the 2023 high at $31,800. Traders are cautious but not bearish, expecting a potential explosive move once the resistance level is breached. Altcoins are also experiencing gains alongside Bitcoin’s rally, unlike previous instances where they fell behind. Caution is advised for the coming months, as the market setup shows similarities to the period before Bitcoin’s year-to-date high.

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