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

Bitcoin (btc) hit new three-month highs on Oct. 23, when Asia's first trading session of the week produced quick gains.

Bitcoin Bulls Face BTC Price Resistance Crisis

Data of Markets Cointelegraph Pro and TradingView showed that BTC price added momentum to reach $30,944 on Bitstamp.

The largest cryptocurrency posted its first weekly close above $30,000 since the summer, and then addressed 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,” said popular trader Jelle. answered in one of the X publications of the day.

“It's time to be cautious, but I don't think you want to be bearish here just because we're hitting resistance. The level will eventually give way... and the movement will be explosive. TIC Tac…"

Analyst Matthew Hyland suggested that Bitcoin was already primed for another bullish move, and that the market was showing similarities to just before the year-to-date high.

All signs for this. #Bitcoin demonstration were there

$26,500 then

$30.8k now https://t.co/8QPSmX9N84

- Matthew Hyland (@MatthewHyland_) October 23, 2023

Following the stock market action, trader Skew noted brief squeezes underway.

“Price retests key HTF resistance area,” another X entry read, referencing high time frame (HTF) levels.

“However, if the price pulls back, we will look for continuation signals around the $29,500 – $28,700 area.”

Altcoins take a break

On the other hand, research firm Santiment detected a new configuration of the crypto market that accompanies the latest gains in Bitcoin.

Related: Bitcoin Metrics 'Improve Bullish Odds' as BTC Price Holds 200-Week Trendline

He noted that altcoins were rising in passing, a phenomenon that had not been seen during the recent previous touches of $30,000.

Unlike #BitcoinIn the previous two brief visits to $30,000, this latest break of the resistance level to end the weekend came as #altcoins increase, instead of falling behind $BTCThe price. $LINK, $MATIC, $UIP, $FITand $GHOST We're all looking at your best-performing decouplings of 2023. pic.twitter.com/ci7MPh25yf

- Sentiment (@santimentfeed) October 23, 2023

“Altcoin positions continue to print money,” Jelle wrote in part of an update between cryptocurrencies, arguing that while caution is warranted, "not many people are prepared for what will happen in the coming months."

Related: Bitcoin price surpasses $30,000, possibly clearing the way for SOL, LINK, AAVE and STX

At the time of writing, Bitcoin was still pushing $31,000, with around six hours left until the Wall Street open.

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.