BTC price nears 2023 highs — 5 things to know in Bitcoin this week

Bitcoin saw a strong start to the recently of “Uptober” with a trip to near $31,000, information from Cointelegraph Markets Pro and TradingView shows.PCE and GDP due in run-up to FOMCPersonal Consumption Expenditures (PCE) Index data headlines the U.S. macro journal today– and the timing is conspicuous.The Fed is due to satisfy to choose on rate of interest policy on Nov. 1, and as one of its preferred inflation metrics, PCE is being acutely eyed for cues by markets. Q3 GDP is also due.Despite previous current information prints constantly coming in higher than anticipated, underscoring sticky inflation, the chances of further rate walkings stay minimal. Per information from CME Groups FedWatch Tool, there is even a 1.6% possibility of a rate cut by the Federal Open Market Committee (FOMC) next week.Fed target rate possibilities chart. Source: CME Group” Meanwhile, profits season is in full speed and Fed speculation continues. Volatility is excellent for traders,” financial commentary resource The Kobeissi Letter composed in part of commentary on the weeks macro diary.Key Events This Week:1. Structure Permits – Wednesday2. New Home Sales – Wednesday3. Fed Chair Powell Speaks – Wednesday4. Q3 2023 GDP – Thursday5. Pending Home Sales – Thursday6. September PCE Inflation information – FridayWe are 1 week out from the November Fed conference.– The Kobeissi Letter (@KobeissiLetter) October 22, 2023

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Bitcoin (BTC) begins the last week of October in classic design as 3% BTC rate gains take cryptocurrency markets higher.In what could yet turn out to be a classic “Uptober” for Bitcoin and altcoins, BTC/USD is back near 2023 highs as a resistance fight brews. Can bulls win?That is the crucial question for traders and market observers going into the weeks first Wall Street open as Asia sets the tone for a crypto comeback.Given the extent of resistance to conquer, nevertheless, traders are playing it safe– lofty BTC rate predictions are less obvious than might be anticipated, and couple of think that the road beyond $32,000 will open up quickly or easily.Bitcoin must also evade possible headwinds in the form of macroeconomic information prints at a time when inflation continues to beat expectations.Ahead of the United States Federal Reserves interest rate decision on Nov. 1, the months last prints will be all the more substantial. Geopolitical occasions meanwhile add another element to market unpredictability.With much at stake for crypto and risk possessions, the week thus looks to be a rollercoaster in the making as Bitcoin bulls look for to effect a significant pattern change by means of a breakout from a multi-month trading range.RSI offers Bitcoin traders cold feet over rallyBTC/USD 1-day chart. Source: Daan Crypto Trades/XWith hours to go till the Wall Street open, BTC/USD is now pulling back from the highs, on the way back towards the $30,000 mark.Analyzing the odds of a deeper drawdown, popular trader Ali drew attention to relative strength index (RSI) readings. The boost corresponded with Bitcoins attempts to break through $30,000 over the weekend, strengthening the significance of that price level in traders minds.

Skew and others are meanwhile eyeing U.S. dollar strength, with the U.S. dollar index (DXY) cooling the widespread uptrend which began in mid-July.”Looking for pattern extension or clear break of 1D pattern some time today or into November,” part of comments stated.Skew added that a “major relocation” needs to come soon.U.S. dollar index (DXY) 1-day chart. Source: TradingViewExchange balances show “clear pattern”The pattern of declining BTC balances on exchanges is frequently reported on as it hits levels not seen given that 2018. According to the newest information from on-chain analytics platform CryptoQuant, the significant trading platforms now have a combined BTC balance of 2.024 million BTC.Bitcoin exchange BTC reserves chart. Source: CryptoQuantThe FTX crisis in November 2022 sped up the speed of balance decrease, and regardless of the BTC cost recovery this year, the trend has yet to reverse instructions in step.Now, exchange deposits are at year-to-date lows, James Straten, research and information analyst at crypto insights firm CryptoSlate, notes.”Since Bitcoin began, deposits consistently surpassed withdrawals. With the FTX collapse in Nov 22 and the SVB crisis in Mar 23, the pattern turned for the first time,” part of an X post at the weekend read. “Now, with deposits striking YTD withdrawals and lows stable yet high, a clear trend emerges: coins are steadily leaving exchanges.”Bitcoin exchange transaction supremacy chart. Source: James Straten/XAn accompanying chart showed the percentage of BTC deals involving exchanges, these accounting for 36% of the total.Bitcoin “newbies” missing this monthBTC rate action, while useful for market sentiment, is displaying “synthetic” characteristics, CryptoQuant research warns.In among its Quicktake market updates on Oct. 22, factor SignalQuant revealed low numbers of brand-new market entrants over the past month.SignalQuant used the Sum Coin Age Distribution metric– a technique of separating more recent and older unspent deal output (UTXO) information.”Interestingly when this indicator spikes, it is a turning point for BTCs rate in the long term,” he blogged about outputs between one week and month old, representing market “newbies.””In reality, the 1w ~ 1m entry pattern indicator was above the standard when BTCs rate hit its low in late 18, when it struck its low in late 22, and after Mar 20 Covid crash. Now, instead of heading towards the baseline, its staying low.”Bitcoin Sum Coin Age Distribution annotated chart. Source: CryptoQuantSignalQuant concluded that while no single indication can supply an overall description of market habits, the Coin Sum data was “too significant to overlook.”Previously, Cointelegraph kept in mind that long-term holders now manage more of the BTC supply than ever before.Market worry missing in a “frightening area” for BitcoinAfter an extended period of barely any movement, the Crypto Fear & & Greed Index is beginning to show signs of volatility.Over the weekend, the traditional crypto sentiment gauge surged into “greed” territory, reaching 63/100– its greatest reading because July 12. The increase accompanied Bitcoins efforts to break through $30,000 over the weekend, strengthening the significance of that rate level in traders minds. Crypto Fear & & Greed Index (screenshot). Source: Alternative.meOn that topic, popular trader Altcoin Sherpa explained $30,000 as a “frightening location.””I still see this next high as very important when seeing where price goes,” he told X subscribers on the day, adding that “were about to see if were visiting 20k or 40k in the midterm.”Like others, Altcoin Sherpa highlighted $32,000 as the ultimate line in the sand for bulls to charge through.”Basically if we break 32k highly, we go to 40k,” he continued. “If we form a lower high around here or decline around 32k highly, I believe were going to go to low 20ks. Gut states 40k however 32k is a very strong level total and I dont feel strong about it.”BTC/USD annotated chart. Source: Altcoin Sherpa/XThis short article does not consist of investment suggestions or suggestions. Every investment and trading relocation includes threat, and readers need to conduct their own research when deciding.

Bitcoin (BTC) starts the recently of October in classic style as 3% BTC cost gains take cryptocurrency markets higher.In what could yet turn out to be a traditional “Uptober” for Bitcoin and altcoins, BTC/USD is back near 2023 highs as a resistance fight brews. Can bulls win?That is the crucial question for traders and market observers entering into the weeks very first Wall Street open as Asia sets the tone for a crypto comeback.Given the degree of resistance to conquer, nevertheless, traders are playing it safe– lofty BTC price forecasts are less obvious than might be expected, and few believe that the road beyond $32,000 will open up quickly or easily.Bitcoin needs to also dodge potential headwinds in the form of macroeconomic information prints at a time when inflation continues to beat expectations.Ahead of the United States Federal Reserves interest rate decision on Nov. 1, the months last prints will be all the more substantial. Geopolitical occasions meanwhile add another component to market unpredictability.With much at stake for crypto and threat assets, the week thus seems a rollercoaster in the making as Bitcoin bulls seek to effect a significant trend modification via a breakout from a multi-month trading range.RSI gives Bitcoin traders cold feet over rallyBTC/USD 1-day chart. Source: TradingViewAs Cointelegraph reported, these three-month highs are being treated with suspicion by some traders, who see breaking through $32,000 as a tough challenge.” Well on its method towards the top of the 2023 range,” popular trader Daan Crypto Trades summarized on X on the day.”$ 31K-32K wont be easy to break through but upon doing so I would be targeting $38K next. Remains range-bound till then.” BTC/USD annotated chart. Source: Daan Crypto Trades/XWith hours to go until the Wall Street open, BTC/USD is now pulling away from the highs, en route back towards the $30,000 mark.Analyzing the chances of a much deeper drawdown, popular trader Ali accentuated relative strength index (RSI) readings.” An approaching price correction seems on the horizon unless BTC handles to clock an everyday candlestick close above $31,560,” part of his comments warned.At 77 on Oct. 23, RSI was currently at levels which Ali noted had set off “sharp corrections” considering that March this year. As a guideline, anything above 70 is thought about “overbought.” BTC/USD chart with RSI. Source: Ali/XOthers were easily optimistic, amongst the Philip Swift, co-founder of trading suite DecenTrader and developer of statistics resource Look Into Bitcoin. #bitcoin +$ 30k. Goodbye bears.– Philip Swift (@PositiveCrypto) October 23, 2023

Popular trader CredibleCrypto on the other hand described a Bitcoin breakout as “almost there.” Upgrading an idea originally from late August, he suggested that $30,000 was the essential level to break for a trend change.Almost there … $BTC https://t.co/13X3yX7Bib— CrediBULL Crypto (@CredibleCrypto) October 23, 2023