Bitcoin Closes October with Strong Performance
Bitcoin (BTC) has ended the month of October with its highest monthly close since May 2022, recording nearly 30% price gains. Despite a volatile mid-month period, Bitcoin holders were rewarded with a strong finish, reminiscent of the initial breakout in October. According to CoinGlass, October was the second best-performing month of 2023 for Bitcoin, with a gain of 28.5%. Traders such as Bluntz and Moustache have expressed optimism about the current bull market, citing similarities to previous bullish phases.
Bullish Momentum Remains, but Waning
However, on-chain monitoring resource Material Indicators suggests that bullish momentum is slightly weakening compared to last month. They are still waiting for a retest of $33k before potentially seeing an attempt at $36k. The market remains volatile, with upcoming macroeconomic events expected to impact BTC price action.
FOMC Announcement and BTC Price
The United States Federal Reserve is set to announce its interest rate policy, and Fed Chair Jerome Powell will deliver a speech and hold a press conference. Traders anticipate increased volatility and movements in the market as these events unfold. Popular trader Crypto Tony expects a pause in interest rates and foresees BTC hitting $36,000 following the release of data.
Hot Take: Bitcoin’s Bull Market Continues Amidst Volatility
Bitcoin closed October on a positive note, marking its highest monthly close in over a year. With significant price gains and comparisons to previous bullish phases, there is optimism among traders that the bull market will continue. However, some indicators suggest that bullish momentum may be waning slightly. As the market awaits key macroeconomic events and data releases, volatility remains a key factor in Bitcoin’s price action. Traders are closely monitoring these developments and anticipate potential movements towards the $36,000 mark.
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