Bitcoin begins a new week at a comfortable high, with traders closely monitoring BTC price evolution. The last week of October, coined 'Uptober' by some, has seen Bitcoin secure a stable trading zone above $30,000, amidst an increasing geopolitical instability and a decision from the United States Federal Reserve on interest rate adjustments set for Nov. 1.
Bitcoin's cryptocurrency network fundamentals continue to hit or circle all-time highs, illustrating the robustness underpinning the asset's value. However, some traders are still skeptical of further upswing, with the possibility of a $20,000 crash lingering in conversations.
Bitcoin has held firm near $34,000 after a late-weekend surge which took BTC prices to $34,700 despite mass profit-taking at the hands of speculators. As Bitcoin approaches its October monthly close, investors are eager to see if the bullish trend continues amidst this volatility.
Blockchain investigator Bitrace notes that the relative strength index (RSI) pattern remains optimistic for continued growth, eliminating potential bearish divergence. Analysts are hinting towards a broader breakout at the weekly close. At the same time, other traders maintain cautious optimism, noting that Bitcoin needs to secure certain levels to prevent a rapid unwinding of recent progress.
Amid turbulent global events, Bitcoin's price may face short-term volatility with the Federal Open Market Committee (FOMC) set to make an interest rate decision on Nov. 1. However, Bitcoin has consistently shrugged off Fed rate decisions despite persistent inflation, and markets are expecting rates to remain unchanged.
Bitcoin mining difficulty and hash rate have hit previous peaks, indicating the competition among miners is more intense than ever, making it more complex to mine a single bitcoin. Bitcoin's hashrate will likely continue to surge due to the price pump and miners trying to outpace each other ahead of the halving.
Meanwhile, the Crypto Fear & Greed Index, which tends to reach extreme levels before a significant BTC price trend change, has hit the "greed" category, matching its position just after Bitcoin hit its all-time highs of $69,000 nearly two years ago.
