Bitcoin (BTC<\/a>) surfed $34,000 at the Oct. 27 Wall Street open as attention turned to BTC price performance against macro assets.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD holding steady, preserving its early-week gains.<\/p>\n The largest cryptocurrency avoided significant volatility as the weekly and monthly closes \u2014 a key moment for the October uptrend \u2014 drew ever nearer.<\/p>\n \u201cI think Bitcoin will hang around this range for some time,\u201d popular trader Daan Crypto Trades told<\/a> X subscribers in one of several posts on Oct. 27. <\/p>\n \u201cRoughly $33-35K is what I\u2019m looking at as a range. Eyes on potential sweeps of any of these levels for a quick trade.\u201d\u00a0<\/p><\/blockquote>\n 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<\/a>, open interest highs had formed a feature of BTC price \u201csqueezes\u201d during prior weeks.<\/p>\n #Bitcoin<\/a> Open Interest on Bybit has almost recovered to the level before the massive short squeeze this week.<\/p>\n During that squeeze, we saw a 21% decrease in Open Interest on Bybit which was worth ~$450M pic.twitter.com\/YbCM6XWZHW<\/a><\/p>\n \u2014 Daan Crypto Trades (@DaanCrypto) October 27, 2023<\/a><\/p><\/blockquote>\n Elsewhere, on-chain monitoring resource Material Indicators flagged a downside signal on one of its proprietary trading instruments.<\/p>\n With two such daily signals in place, Material Indicators said that only a move to $38,850 would \u201cinvalidate\u201d the bearish implication.<\/p>\n \u201cThat doesn\u2019t mean we can\u2019t go there before the Monthly candle close,\u201d it reasoned in part of its X commentary.<\/p>\n Trend Precognition continues to show the way.<\/p>\n For me, a move above $34,850 invalidates on the D chart. That doesn\u2019t mean we can\u2019t go there before the Monthly candle close.<\/p>\n If you want to get these #TradingSignals<\/a> when they are actionable, subscribe.<\/p>\n Get the tools. Gain the\u2026 pic.twitter.com\/bpOomEv5Tq<\/a><\/p>\n \u2014 Material Indicators (@MI_Algos) October 27, 2023<\/a><\/p><\/blockquote>\n More optimistic perspectives came from macroeconomic comparisons.<\/p>\n Related:\u00a0Bitcoin restarting 2023 uptrend after 26% Uptober BTC price gains \u2014 Research<\/a><\/em><\/strong><\/p>\n Popular social media trader Kaleo noted that Bitcoin had outperformed the S&P 500 considerably since September, with the odds of continued BTC price upside still good as a result.<\/p>\n \u201cOver the course of the past month, we\u2019ve finally seen \u2018the bullish decoupling\u2019 for BTC from equities that everyone was waiting for,\u201d he wrote<\/a> in part of Oct. 27\u2019s commentary. <\/p>\n \u201cWhile BTC is up only 36% vs USD from the September lows, BTC is up 48% vs. SPX.\u201d <\/p><\/blockquote>\n An accompanying chart showed BTC\/USD versus the S&P 500, with key recent events in Bitcoin\u2019s history marked. Kaleo argued that there was \u201cplenty of fuel left in the tank for a move higher to $40K.\u201d<\/p>\n Others focused on the significance of recent resistance levels being within days of flipping to weekly and monthly support.<\/p>\n \u201cNot sure how anyone could look at this Bitcoin chart objectively and conclude that breaking through $32k is no big deal,\u201d crypto and macro analyst Matthew Hyland argued<\/a>.<\/p>\n Hyland suggested that bears had few options left open. <\/p>\n \u201cThe last line of hope for them is the weekly & monthly closing below,\u201d he concluded.<\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/de835be0-3e4c-4f66-989e-a4d8a2bad600.png\")
Bitcoin range faces weekly, monthly close<\/h2>\n
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Analysis: \u201cPlenty of fuel\u201d to send BTC price to $40,000<\/h2>\n
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