Bitcoin saw a steady performance on October 27th, with its price hovering around $34,000 during the Wall Street open.
Investors’ attention had shifted towards assessing Bitcoin’s performance against macroeconomic assets.
As the weekly and monthly closing dates approached, BTC/USD maintained its stability, safeguarding the gains it had made earlier in the week.
Traders like Daan Crypto Trades predicted that Bitcoin would likely remain within the range of $33,000 to $35,000 for some time, emphasizing the importance of monitoring potential price sweeps within this range for quick trading opportunities.
Daan also highlighted that open interest (OI) had recovered to levels seen before the recent surge that propelled Bitcoin to its 17-month high.
Historically, elevated open interest levels had often preceded significant price moves, creating what experts referred to as “squeezes.”
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On the other hand, Material Indicators, an on-chain monitoring resource, identified a downside signal in one of its proprietary trading indicators.
With two consecutive daily bearish signals, Material Indicators suggested that only a rise to $34,850 would invalidate the bearish implication.
However, the report acknowledged that this move might still occur before the monthly candle close.
Some traders took a more optimistic stance, looking at Bitcoin’s performance relative to macroeconomic factors.
Social media trader Kaleo pointed out that Bitcoin had significantly outperformed the S&P 500 since September, indicating the potential for further price increases.
He noted that BTC had risen by 36% against the USD while increasing by 48% compared to the S&P 500.
Kaleo presented a chart illustrating the BTC/USD performance against the S&P 500, emphasizing that there was still room for Bitcoin to move higher, possibly reaching $40,000.
Others focused on the significance of recent resistance levels, which were on the verge of transforming into weekly and monthly support.
Crypto and macro analyst Matthew Hyland argued that breaking through the $32,000 resistance level was a noteworthy achievement.
He suggested that bears had limited options left, and their last hope was for Bitcoin to close below this level on a weekly and monthly basis.
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