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BTC price gets $36K FOMC target as Bitcoin prints 29% ‘Uptober’ gains

CointelegraphCointelegraph2023/11/01 08:57
By:William Suberg

Bitcoin ( BTC ) has seen its highest monthly close since May 2022 after “Uptober” delivered near 30% BTC price gains.

BTC/USD 1-month chart. Source: TradingView

Monthly close boosts Bitcoin bull market hopes

Data from Cointelegraph Markets Pro and TradingView confirms Bitcoin bulls successfully held on to upside into Nov. 1.

After navigating a choppy mid-month trading environment , hodlers were treated to a finale similar in character to October’s initial breakout .

Monitoring resource CoinGlass thus put October as the second best-performing month of 2023. Bitcoin gained 28.5%, trailing only January’s 39.6%.

BTC/USD monthly returns (screenshot). Source: CoinGlass

Reacting, popular trader Bluntz cautioned over discounting what amounts to a “high timeframe weekly range breakout.”

“I believe this current one will be akin to the oct 2020 ones and the april 2019 one,” he wrote in part of an X post around the monthly close.

In both scenarios, BTC/USD entered a new bullish phase, with straight upside lasting several months.

BTC/USD comparison. Source: Bluntz/X

Striking a similar note, fellow social media trading personality Moustache eyed the TK Crossover indicator for a rare bull market trigger.

TK Crossover, which gets its name from a trading signal on the Ichimoku Cloud and involves two of its trendlines, Tenkan-sen and Kijun-sen, produced a once-in-a-cycle bull flag at the monthly close, he said.

#Bitcoin

The monthly close for October is only a few hours away.

-The last 3 times $BTC has closed above the Conversion Line () in the TK Cross-Indicator, we have seen a bull run in the following months (for at least ~300 days).

Send it higher. pic.twitter.com/pvWrwm0XG7

— ⓗ (@el_crypto_prof) October 31, 2023

On a slightly more conservative note, on-chain monitoring resource Material Indicators suggested that bullish momentum, while still present, is waning compared to last month.

“Still waiting for a retest of $33k, although we may not see it until after an attempt at $36k,” it told X subscribers alongside data from one of its proprietary trading tools.

Trader eyes $36,000 BTC price after FOMC “fakeout”

Volatility, meanwhile, remains on the menu for market participants, with the week’s main macroeconomic event due later in the day.

Related: There are now nearly 40M Bitcoin addresses in profit — A new record

This comes in the form of the United States Federal Reserve announcing its interest rate policy amid a testing inflation environment. Fed Chair Jerome Powell will also deliver a speech and hold a press conference.

As  Cointelegraph reported , market expectations are for the Federal Open Market Committee (FOMC) to keep rates at current, albeit elevated, levels.

According to the latest data from CME Group’s FedWatch Tool , the odds of that eventuality currently lie at nearly 98%.

Fed target rate probabilities chart. Source: CME Group

Commenting on the potential knock-on effects for BTC price action, popular trader Crypto Tony looked to “more volatility and more movements as the talk begins and data is released.”

“I personally expect a pause and no hikes, so I expect we see a $36,000 hit on this data following a fake out down first,” he added, joining calls for a tap of the $36,000 mark.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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