BTC price gets $36K FOMC target as Bitcoin prints 29% ‘Uptober’ gains
As November begins, Bitcoin is gearing up to face the Federal Reserve's interest rate decision, following a strong performance in October, which marked its second-best month of 2023.
David Becker 
Bitcoin (BTC) has closed the month of October with its highest monthly close since May 2022, following a strong performance during "Uptober," which resulted in nearly 30% price gains.
The data from Cointelegraph Markets Pro and TradingView confirms that Bitcoin's bullish momentum persisted into November 1st. October's performance was marked by a strong rally, making it the second-best-performing month of 2023, with Bitcoin gaining 28.5%, second only to January's 39.6% gain.
Traders and analysts are optimistic about Bitcoin's future. Some have pointed to a "high timeframe weekly range breakout" and compared the current situation to previous bullish phases that resulted in several months of upward movement.
Additionally, some traders are keeping an eye on the TK Crossover indicator, which is derived from the Ichimoku Cloud and involves the Tenkan-sen and Kijun-sen trendlines. It has signaled a rare bull market trigger at the monthly close, according to one analyst.
However, on-chain analysis suggests that while bullish momentum is still present, it may be waning compared to the previous month. Some traders are anticipating a potential retest of $33,000, although it might not occur until after an attempt to reach $36,000.
Bitcoin's price continues to be influenced by volatility, and the week's major macroeconomic event is the announcement of the United States Federal Reserve's interest rate policy. Fed Chair Jerome Powell is also set to deliver a speech and hold a press conference in the midst of ongoing concerns about inflation. Market expectations suggest that the Federal Open Market Committee (FOMC) is likely to maintain current, elevated interest rates, with odds of this eventuality standing at nearly 98%, according to CME Group's FedWatch Tool.
Traders are anticipating increased volatility and price movements in response to the Federal Reserve's announcements and the release of economic data, as Bitcoin reacts to macroeconomic events and market sentiment.
