Crypto traders urge caution as Bitcoin price hits 3-month high near $31K
Bitcoin has encountered resistance levels for 2023 after a 3% price push following the weekly close. The cryptocurrency's price action suggests that it is approaching resistance levels that have been in place since the beginning of 2023. These resistance levels could serve as barriers to further price increases, and traders will be closely monitoring how Bitcoin responds to these key levels in the coming days and weeks.
David Becker 
On October 23, Bitcoin (BTC) reached new three-month highs as the first Asia trading session of the week produced substantial gains. BTC price surged to $30,944 on Bitstamp, marking its first weekly close above $30,000 since the summer.
Bitcoin is now approaching key long-term resistance levels, including the 2023 high, which is currently at $31,800. Traders and analysts are closely watching this resistance, with some expecting an explosive move when it eventually gives in. There have also been short squeezes observed following the price action on exchanges.
Altcoins have been catching up with Bitcoin's recent gains, a development that hasn't been seen during previous attempts by BTC to break the $30,000 level. As Bitcoin continues to approach the $31,000 mark, the cryptocurrency market is exhibiting increased momentum, and traders are closely monitoring the situation.
