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.
![](https://s3.cointelegraph.com/uploads/2022-10/2055ac55-ea6e-46bd-8e54-d67317770497.png)
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.
![](https://s3.cointelegraph.com/uploads/2022-10/a3203444-32ff-445d-be37-b784e47b3104.png)
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...
![Bitcoin price hits October high with $20,000 range as US stocks rally](https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvMzZmMDc4MDMtM2Y5Ny00YjMwLTkxZjAtMjgwZGU0ODU1ZTA4LmpwZw==.jpg?#)
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.
![](https://s3.cointelegraph.com/uploads/2022-10/2055ac55-ea6e-46bd-8e54-d67317770497.png)
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.
![](https://s3.cointelegraph.com/uploads/2022-10/a3203444-32ff-445d-be37-b784e47b3104.png)
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...
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