Thursday, 30 November 2023

Crypto News

Bitcoin beats S&P 500 in October as $40K BTC price predictions flow in

Bitcoin beats S&P 500 in October as $40K BTC price predictions flow in

Bitcoin (BTC) surfed $34,000 at the Oct. 27 Wall Street open as attention turned to BTC price performance against macro assets.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin range faces weekly, monthly close

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding steady, preserving its early-week gains.

The largest cryptocurrency avoided significant volatility as the weekly and monthly closes — a key moment for the October uptrend — drew ever nearer.

“I think Bitcoin will hang around this range for some time,” popular trader Daan Crypto Trades told X subscribers in one of several posts on the day.

“Roughly $33-35K is what I’m looking at as a range. Eyes on potential sweeps of any of these levels for a quick trade.”

BTC/USD annotated chart. Source: Daan Crypto Trades/X

Daan nonetheless noted that open interest (OI) had recovered near levels last seen before the sudden uptick, which sent Bitcoin to 17-month highs. As Cointelegraph reported, open interest highs had formed a feature of BTC price “squeezes” during prior weeks.

Elsewhere, on-chain monitoring resource Material Indicators flagged a downside signal on one of its proprietary trading instruments.

With two such daily signals in place, Material Indicators said that only a move to $38,850 would “invalidate” the bearish implication.

“That doesn’t mean we can’t go there before the Monthly candle close,” part of X commentary reasoned.

Analysis: “Plenty of fuel” to send BTC price to $40,000

More optimistic perspectives came from macroeconomic comparisons.

Related: Bitcoin restarting 2023 uptrend after 26% Uptober BTC price gains — Research

Popular social media trader Kaleo noted that Bitcoin had outperformed the S&P 500 considerably since September, with the odds of continued BTC price upside still good as a result.

“Over the course of…

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