Bitcoin (BTC) has concluded October with a near 30% price increase, marking its second strongest month of 2023. The cryptocurrency now enters November with a $36,000 target as investors eagerly await the Federal Reserve’s interest rate decision.
Data from Cointelegraph Markets Pro and TradingView confirmed that Bitcoin bulls successfully held on to the upside into November 1st. CoinGlass, a monitoring resource, reported October as the second best-performing month of 2023, with Bitcoin gaining 28.5%, trailing only January’s 39.6% increase.
The crypto-community reacted positively to the month-end results. Trader Bluntz highlighted the significance of a “high timeframe weekly range breakout”. Another social media trading personality, Moustache, pointed towards the TK Crossover indicator, hinting at a potential bull market trigger.
However, Material Indicators, an on-chain monitoring resource, suggested a slightly more conservative outlook, hinting that bullish momentum may be waning compared to last month. The resource mentioned potential attempts at $36,000, followed by a retest of the $33,000 mark.
The market now awaits the United States Federal Reserve’s announcement on its interest rate policy. According to CME Group’s FedWatch Tool, odds for the Federal Open Market Committee (FOMC) to maintain current rates are nearly 98%. Crypto Tony, a popular trader, believes this could result in more volatility and a potential surge to the $36,000 mark.
Read Now: Unibot suffers $640K loss in digital assets due to hacker exploit