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 Oct. 27.
“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.
#Bitcoin Open Interest on Bybit has almost recovered to the level before the massive short squeeze this week.
During that squeeze, we saw a 21% decrease in Open Interest on Bybit which was worth ~$450M pic.twitter.com/YbCM6XWZHW
— Daan Crypto Trades (@DaanCrypto) October 27, 2023
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,” it reasoned in part of its X commentary.
Trend Precognition continues to show the way.
For me, a move above $34,850 invalidates on the D chart. That doesn’t mean we can’t go there before the Monthly candle close.
If you want to get these #TradingSignals when they are actionable, subscribe.
Get the tools. Gain the… pic.twitter.com/bpOomEv5Tq
— Material Indicators (@MI_Algos) October 27, 2023
Analysis: “Plenty of fuel” to send BTC…
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