Bitcoin (BTC) has seen its highest monthly close since May 2022 after “Uptober” delivered near 30% BTC price gains.
Monthly close boosts Bitcoin bull market hopes
Data from Cointelegraph Markets Pro and TradingView confirms Bitcoin bulls successfully held on to upside into Nov. 1.
After navigating a choppy mid-month trading environment, hodlers were treated to a finale similar in character to October’s initial breakout.
Monitoring resource CoinGlass thus put October as the second best-performing month of 2023. Bitcoin gained 28.5%, trailing only January’s 39.6%.
Reacting, popular trader Bluntz cautioned over discounting what amounts to a “high timeframe weekly range breakout.”
“I believe this current one will be akin to the oct 2020 ones and the april 2019 one,” he wrote in part of an X post around the monthly close.
In both scenarios, BTC/USD entered a new bullish phase, with straight upside lasting several months.
Striking a similar note, fellow social media trading personality Moustache eyed the TK Crossover indicator for a rare bull market trigger.
TK Crossover, which gets its name from a trading signal on the Ichimoku Cloud and involves two of its trendlines, Tenkan-sen and Kijun-sen, produced a once-in-a-cycle bull flag at the monthly close, he said.
The monthly close for October is only a few hours away.
-The last 3 times $BTC has closed above the Conversion Line () in the TK Cross-Indicator, we have seen a bull run in the following months (for at least ~300 days).
Send it higher. pic.twitter.com/pvWrwm0XG7
— ⓗ (@el_crypto_prof) October 31, 2023
On a slightly more conservative note, on-chain monitoring resource Material Indicators suggested that bullish momentum, while still present, is waning compared to last month.
“Still waiting for a retest of $33k, although we may not see it until after an attempt at $36k,” it told X subscribers alongside data from one of its proprietary trading tools.
Trader eyes $36,000 BTC price after FOMC “fakeout”
Volatility meanwhile remains on the menu for market participants, with the week’s main macroeconomic event due later in the day.
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This comes in the form of the United States Federal Reserve announcing interest rate policy amid a testing inflation environment. Fed Chair Jerome Powell…
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