April 16, 2024

BTC price gets $36K FOMC target as Bitcoin prints 29% ‘Uptober’ gains

Bitcoin heads into November to tackle Fed rate decision day after BTC price cements its second best month of 2023.

Bitcoin (BTC) has seen its highest monthly close since May 2022 after “Uptober” delivered near 30% BTC price gains.

BTC/USD 1-month chart. Source: TradingView

Monthly close boosts Bitcoin bull market hopes

Data from Cointelegraph Markets Pro and TradingView confirms Bitcoin bulls successfully held on to upside into Nov. 1.

After navigating a choppy mid-month trading environment, hodlers were treated to a finale similar in character to October’s initial breakout.

Monitoring resource CoinGlass thus put October as the second best-performing month of 2023. Bitcoin gained 28.5%, trailing only January’s 39.6%.

BTC/USD monthly returns (screenshot). Source: CoinGlass

Reacting, popular trader Bluntz cautioned over discounting what amounts to a “high timeframe weekly range breakout.”

“I believe this current one will be akin to the oct 2020 ones and the april 2019 one,” he wrote in part of an X post around the monthly close.

In both scenarios, BTC/USD entered a new bullish phase, with straight upside lasting several months.

BTC/USD comparison. Source: Bluntz/X

Striking a similar note, fellow social media trading personality Moustache eyed the TK Crossover indicator for a rare bull market trigger.

TK Crossover, which gets its name from a trading signal on the Ichimoku Cloud and involves two of its trendlines, Tenkan-sen and Kijun-sen, produced a once-in-a-cycle bull flag at the monthly close, he said.

On a slightly more conservative note, on-chain monitoring resource Material Indicators suggested that bullish momentum, while still present, is waning compared to last month.

“Still waiting for a retest of $33k, although we may not see it until after an attempt at $36k,” it told X subscribers alongside data from one of its proprietary trading tools.

Trader eyes $36,000 BTC price after FOMC “fakeout”

Volatility meanwhile remains on the menu for market participants, with the week’s main macroeconomic event due later in the day.

Related: There are now nearly 40M Bitcoin addresses in profit — A new record

This comes in the form of the United States Federal Reserve announcing interest rate policy amid a testing inflation environment. Fed Chair Jerome Powell will also deliver a speech and hold a press conference.

As Cointelegraph reported, market expectations are for the Federal Open Market Committee (FOMC) to keep rates at current, albeit elevated, levels.

According to the latest data from CME Group’s FedWatch Tool, the odds of that eventuality currently lie at nearly 98%.

Fed target rate probabilities chart. Source: CME Group

Commenting on the potential knock-on effects for BTC price action, popular trader Crypto Tony looked to “more volatility and more movements as the talk begins and data is released.”

“I personally expect a pause and no hikes, so I expect we see a $36,000 hit on this data following a fake out down first,” he added, joining calls for a tap of the $36,000 mark.

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.

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