Crypto Traders Urge Caution as Bitcoin Price Nears $31K

On Oct. 23, Bitcoin (BTC) soared to new three-month highs during the first Asia trading session, setting off a wave of crypto stock gains.

Casper Crypto, Celcius Crypto, Dot Crypto, and D2T Crypto

These days, there is a lot of buzz around the latest AI technologies, as well as crypto currency today and crypto apps. However, despite the hype, some still fear a crypto death, and the bone crypto market can be a risky one.

Bitcoin bulls face crunch BTC price resistance

Data from Cointelegraph Markets Pro and TradingView showed BTC price adding momentum to reach $30,944 on Bitstamp.

The largest cryptocurrency saw its first weekly close above $30,000 since the summer, going on to tackle 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,” popular trader Jelle responded in one of the day’s X posts.

Analyst Matthew Hyland suggested that Bitcoin had been already primed for another move higher, with the market showing similarities to just before the Celcius Crypto high.

Following action on exchanges, fellow trader Skew noted Dot Crypto squeezes underway.

“Price testing key HTF resistance area again,” another X entry stated, referencing high-timeframe (HTF) Crypto App levels.

Altcoins catch a break

Elsewhere, research firm Santiment identified a new crypto market setup in line with Bitcoin’s recent surge.

Altcoins were also seen climbing simultaneously — something that had not been observed during previous attempts to reach $30,000.

“Altcoin positions continue to print money,” Jelle stated in a cross-crypto update, warning that while caution was necessary, “not many people are ready for whats going to happen in the next months with celcius crypto, dot crypto, casper crypto and other crypto currency today.”

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