Bitcoin price hits October high with $20,000 range as US stocks rally

Traders say Bitcoin is overdue for a breakout, but also keeping a lid on their optimism about a macro trend reversal.< /p> Market Update

Bitcoin (BTC) hit new October highs at the Wall Street open on Oct. 3 as Credit Suisse concerns grew.

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

Traders Approach BTC Limited

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD was targeting $19,500 after starting the month flat.

The biggest cryptocurrency reacted positively to weaker-than-expected US manufacturing data, while in Europe, market turmoil over Credit Suisse accelerated despite executive assurances.< /p>

“We start October trading in the same congested area where we ended September,” wrote on-chain analysis resource Material Indicators in one of the day's many updates.< /p>

“The 21 DMA acts as a cap on the price of BTC, but expect it to be retested soon. I need it to do this for any attempt at 20s recovery.” < /p>

Material Indicators was referring to Bitcoin's 21-day moving average (MA) at around $19,400, which could now trigger a resistance/support reversal.

BTC/USD 1-Day Candle Chart ( Bitstamp ) with 21MA. Source: TradingView

Another post revealed a proprietary trading indicator flashing "long" on the daily timeframes, raising hopes that the bulls would be able to reach the 20 mark $000.

Analyzing the behavior of derivatives traders, however, William Clemente, co-founder of digital ass...