- BTC is up over 20% in the last 30 days.
- Most of the data looked bullish, but market indicators such as the RSI supported the bears.
Bitcoin [BTC] has enjoyed a comfortable rally in recent weeks, thanks to bullish market conditions. During the first month of the fourth quarter of 2023, the price of BTC increased by more than 22%.
Read Bitcoins [BTC] Price prediction 2023-24
The uptrend has given investors hope that BTC will reach new highs ahead of the upcoming halving. While this happened, it should also be taken into account how BTC’s metrics responded as we entered November.
A look at Bitcoin’s performance in October
Over the past month, the king of cryptos has managed to significantly increase its price, with its value increasing by more than 23%. In the past seven days, the price of the coin has risen by more than 1%.
According to CoinMarketCapAt the time of writing, it was trading at $34,439.75 with a market cap of over $672 billion. A look at Santiment’s chart revealed that BTC trading volume increased significantly during the price surge.
Thanks to that, the coin’s price volatility over a four-week period has also gained an upward momentum in the recent past. Bitcoin’s popularity also remained high over the past month, as evidenced by the spike in its social dominance.
BTCThe company’s weighted sentiment also rose significantly in October, meaning that positive sentiment around BTC was dominant.
Source: Santiment
Santiment’s data further showed that BTC remained in demand among whales as the number of whale transactions continued to rise over the past month.
Not only whales, but also derivatives investors bought BTCwhich was evident from the fact that the Binance funding rate was green.
Apart from this, the supply of BTC outside the exchanges was almost equal to the supply on the exchanges, meaning that the buying pressure on the coin was high, which is generally perceived as a positive signal.
Source: Santiment
A quick look at the BTC mining sector
The mining sector also boomed amid the price increases. From CoinwarzBTC’s hashrate has been growing in recent months, indicating that the mining industry was active.
At the time of writing, BTC’s hashrate was 466.04 EH/s. The increase in the blockchain hashrate also caused an increase in difficulty, as the mining difficulty reached 62.46 T.
Apart from this, other metrics suggested that they had tremendous confidence in the token as a whole. This was evident from the fact that BTC Miners’ balances have increased significantly over the past month.
Thanks to the recent price increases, BTC miners’ revenues also remained quite stable over the past month Glass junction.
Source: Glassnode
Will Bitcoin air a similar show in November?
Bitcoin’s October 2023 price action was bullish and provided investors with much-needed hope as we experienced the longest bearish market since crypto’s inception.
However, will BTC’s October trend continue into November? A closer look at the state of the blockchain provided a better insight into what we could expect from it in the second month of the last quarter of 2023.
Mustache, a popular crypto analyst, recently posted a tweet on X (formerly known as Twitter) highlighting an interesting development about the king of cryptos.
According to the tweet, BTCThe True Strength Index (TSI) showed a bullish pattern on BTC’s daily chart. To start, TSI is a technical momentum oscillator used to identify trends and reversals.
Every time the TSI has crossed bullishly, we have seen a parabolic curve afterwards. Therefore, it seems likely that BTC will continue its bull rally in the coming month.
$48,000 is unavoidable.
The month-end closing becomes decisive. Every time the TSI has crossed bullishly, we have seen a parabolic curve afterwards.
Then $48,000 will only be an intermediate goal $BTC will be much higher. pic.twitter.com/o13P0bEWgC
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) October 31, 2023
Although the market indicators on the coin appeared bullish, a look at the daily chart told a different story. The price of BTC has already reached the upper limit of the Bollinger bands, which looked bearish, and dropped below this limit.
The Relative Strength Index (RSI) was in an overbought zone, which could put more selling pressure on the coin.
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After a comfortable rise, BTC’s Chaikin Money Flow (CMF) registered a slight downtrend. Moreover, Bitcoin’s MACD showed the chances of a bearish crossover in the coming days, increasing the chances of a price drop in the coming days.
Therefore, given all the above statistics, it will be interesting to see which direction the price of BTC moves in the coming weeks.
Source: TradingView