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

Bitcoin (BTC) hit new three-month highs on Oct. 23 as the week’s first Asia trading session produced snap gains.

Bitcoin bulls face crunch BTC price resistance

Data from Cointelegraph Markets Pro and TradingView showed BTC price 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.

“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…”

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.

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

Following action on exchanges, fellow trader Skew noted short squeezes underway.

“Price testing key HTF resistance area again,” another X entry stated, referencing high-timeframe (HTF) levels.

“However if price pulls back will be looking for continuation signals around $29.5K – $28.7K area.”

Altcoins catch a break

Elsewhere, research firm Santiment spied a new crypto market setup accompanying Bitcoin’s latest gains.

Related: Bitcoin metrics ‘improve bullish odds’ as BTC price holds 200-week trendline

Altcoins, it noted, were moving higher in step — a phenomenon not seen during recent prior taps of $30,000.

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 price. $LINK, $MATIC, $UIP, $APT, and $AAVE are all seeing their best performing decouplings of 2023. pic.twitter.com/ci7MPh25yf

— Santiment (@santimentfeed) October 23, 2023

“Altcoin positions continue to print money,” Jelle wrote in part of a cross-crypto update, arguing that while caution was warranted, “not many people are ready for whats going to happen in the next months.”

Related: 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.

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.