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Bitcoin Holds Steady as Weekly and Monthly Closes Approach

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The largest cryptocurrency, Bitcoin, did not experience significant price fluctuations as the week and month came to a close. This is an important moment for the upward trend in October.

A popular trader named Daan Crypto Trades believes that Bitcoin will remain in this price range for a while. He shared this opinion with subscribers on October 27.

Bitcoin’s Open Interest on Bybit has almost returned to its level before a major short squeeze occurred this week. During the squeeze, there was a 21% decrease in Open Interest on Bybit, which was worth around $450 million.

Material Indicators, an on-chain monitoring resource, detected a downside signal on one of its trading instruments. However, it stated that only if Bitcoin’s price drops to $34,850 would this bearish signal be invalidated.

Trend Precognition, another trading analysis tool, also supports the idea that a move above $34,850 would invalidate the bearish signal. However, it acknowledges that Bitcoin’s price could still reach that level before the month ends.

Some traders are optimistic about Bitcoin’s performance compared to the S&P 500. They believe that Bitcoin has outperformed the stock market index since September and that there is still potential for further price increases.

Others point out that recent resistance levels are close to becoming support levels on a weekly and monthly basis. Breaking through these levels is seen as significant.

However, there are still bears who believe that Bitcoin’s price will continue to decline. Their last hope is for the weekly and monthly closes to be below a certain threshold.

Please note that this article does not provide investment advice. Readers should conduct their own research before making any investment decisions.

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