Will BTC manage to break 35k for a full bullish push with the monthly close today?

31.10.2023

Dear traders,

BTC has managed to hold above substantial support at 32k on the weekly close, which is a bullish sign. Today, we have the monthly close, which will show the direction of the crypto market in the coming days.

Jake
TOP Trader

BTC is still consolidating below $35k, preparing for its next significant move on the monthly close, which is a big move. There is still a possibility of a retest at $31,500, a strong support level. If the price manages to hold, it may continue the bullish push.

ETH is currently facing substantial resistance at $1830. To sustain its bullish trend and return to the $1900 range, it needs to break above this level. Caution should be exercised if a significant volume of selling pressure pushes the price lower.

XRP is pushing strongly towards the $0.62 resistance, creating bullish momentum for a bigger breakout. It still maintains strong bullish momentum and is preparing for a significant upward move.

LINK aims to break the resistance at $11.5 and make a significant upward push. Sustaining levels above $9.5 is crucial for significant bullish momentum.

SOL has broken the resistance at $33.5 and needs to hold above it daily for a substantial bullish continuation. It’s looking good for a bullish breakout with an aim for $40 as the next target.

EOS has broken the resistance at $0.6 and is now aiming at $0.63 as the next significant resistance before a more substantial push up. It still requires significant buying volume to push strongly upwards.

LTC is currently breaking through the $70 resistance level. Only a push above it, combined with holding that level, could drive the price higher. There’s still a risk if the price doesn’t stay above $70.

DXY is regaining strength for an upward push and needs to hold above 106.2 for a more extensive bullish continuation.

Crypto/stock daily news:

OPEN INTEREST IN BITCOIN IS BOOMING

The CME Group is the largest operator of financial derivatives exchanges. It runs the Chicago Mercantile Exchange (CME), the Commodity Exchange, and others.

(Fun fact: it also owns 27% of S&P Dow Jones Indices)

Well, guess what? The CME is seeing a big increase in Bitcoin open interest.

Open interest = the value of active derivatives contracts (futures or options) held by traders.

Last week, the CME broke its record for BTC options volume in a day. And it wasn’t even close…

Why this matters: For the most part, institutional investors have stayed away from Bitcoin.

In their eyes, Bitcoin’s the nerd with braces and pimples in middle school.

It has a mouthful of braces (aka regulatory uncertainty) and a face full of pimples (aka volatility).

But everyone knows the worse you look in 7th grade, the better the glow-up later in life.

And Bitcoin’s going through an all-time makeover. It’s been:

adopted by millions of people around the world
one of the top-performing assets this year
And a bunch of institutions are lining up to launch a Bitcoin ETF

Bitcoin went from the ugly duckling → international model.

This is why we’re now seeing record volume coming from derivatives exchanges like the CME and other institutional players.

FAST NEWS:
Web3 companies raised $103M last week. A total of 10 companies received funding – including Neon Machine (a web3 gaming studio), Aera Protocol (a treasury manager for DAOs), and more.

The total value locked on decentralized finance (DeFi) protocols jumped to a three-month high. The TVL has risen from $35.8 billion —> $42 billion in two weeks. Business is boomin’…

The number of transactions involving at least $100,000 worth of BTC hit a new yearly high. The Bitcoin whales are getting active again.

Gemini sued Genesis for $1.6B worth of GBTC shares. The exchange claims the crypto lender owes it 60 million shares of GBTC as collateral.