Bitcoin Price Hits 3-Month High Near $31K: Crypto Traders Urge Caution
Crypto traders urge caution as Bitcoin price hits 3-month high near $31K

On October 23, Bitcoin (BTC) reached a new three-month high during the initial trading session in Asia, experiencing a sudden surge in value.

The rise of Web 3.0 has generated much interest in how to make money with it, as well as the key features and components. The Metaverse is also a part of this new web, which has led to questions about how to update from Web 2.0 to 3.0 and how to make money in this new version.

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 year-to-date high.

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

“Price testing key HTF resistance area again,” another X entry stated, referencing the key features of web 3.0 and how to make money with web 3.0, as well as how to make money on web 3.0 and how to make money in web 3.0, and the key components of web 3.0 high-timeframe (HTF) levels.

Altcoins catch a break

Meanwhile, Santiment, a research firm, noticed a new crypto market setup in connection with Bitcoin’s recent appreciation.

Interestingly, altcoins were also increasing in tandem, something that had not happened when Bitcoin had reached $30,000 before.

“Altcoin positions keep bringing in profits,” Jelle wrote in a cross-crypto update, adding that while caution is necessary, “not many people are prepared for what will occur in the upcoming months regarding web 3.0, how to make money with it, and the key components and features of it.”

At the time of writing, Bitcoin was still pushing for $31,000, with about six hours to go before the Wall Street opening.

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