Bitcoin saw a significant price surge in the first month of Q4 2023, raising questions about whether the uptrend will continue into November. Concerns about potential bearish indicators are now surfacing.
Bitcoin’s price rallied by over 22% in the first month of Q4, sparking hope among investors for new highs ahead of the upcoming halving. Over the last month, Bitcoin’s price increased by more than 23%, and in the past week, the coin’s price rose by over 1%.
At the time of writing, Bitcoin [BTC] was trading at $34,439.75, with a market capitalization exceeding $672 billion, according to CoinMarketCap. Bitcoin’s popularity and social dominance have remained high in the past month, with a notable surge in trading volume.
Despite the bullish indicators, some metrics suggest a possible downturn. BTC’s price has already touched and gone below the upper limit of the Bollinger bands, a bearish signal. Its Relative Strength Index (RSI) is in an overbought zone, which could lead to increased selling pressure on the coin.
Looking ahead, it remains to be seen whether Bitcoin’s price will continue its bull run in November, or if the bearish indicators will take effect.
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