Bitcoin reached new three-month highs on October 23, with its first weekly close above $30,000 since the summer. It is now approaching key long-term resistance levels, including the 2023 high at $31,800. Traders are cautious but optimistic, expecting a potential explosive move once the resistance level is breached. Analysts have noted similarities to the market setup before Bitcoin’s year-to-date high. Altcoins are also experiencing gains alongside Bitcoin’s rally, which is a departure from previous trends. Altcoin positions are seen as profitable, and traders anticipate significant developments in the coming months. Bitcoin is currently pressuring $31,000.
