• Bitcoin makes a weekly 10 percent surge to approach the $31k price zone as buyers make aggressive purchases in anticipation of the upcoming halving.

• Several altcoins join the move as they break crucial resistance levels to make an incredible surge. 

Bitcoin (BTC) just retested its three-month high price of $30,775 before pulling back slightly to trade at a current price of $30,652.78. In the last seven days, Bitcoin has surged by 10 percent and also made a 2 percent jump in the last 24 hours.

Bitcoin saw its weekly close hitting above $30,000, the first ever recorded since the summer. The asset targeted multiple crucial resistance levels including the 2023 high which is around $31,800. This was notified by a renowned crypto trader Jelle who announced that the asset has crawled back to its key resistance for the third time in six months. 

Time to be cautious, but I don’t think you want to be bearish here just because we’re reaching resistance. The level will eventually give in — and the move will be explosive. Tick… Tock.

Bitcoin Price Move Catches Attention of Renowned Analysts

The current BTC price move has also gotten the attention of analyst Matthew Hyland who believes that all indications point to another bull run as the market is showing similarities with its year-to-date high. According to trader Skew, short squeezes are underway. Per his observation, Bitcoin is testing key referencing High Frame (HTF) levels again. 

However, ever if price pulls back, it will be looking for continuation signals around the $29.5K – $28.7K area.

Last week, Caleb Franzen, senior analyst at Cubic Analytics, explained the performance of two moving averages of Bitcoin. According to him, the asset is wedged between a 200-week simple moving average (SMA) and a 200-week exponential moving average (EMA). 

One of the reasons why I’ve stayed patient with $BTC, even though I’ve leaned defensive, is that price has been trying to use the 200-week moving average cloud as support.

Analysts have also agreed that the growth of Bitcoin is imminent once its fourth halving event materializes next year. Historically, Bitcoin moves out of its lowest zone to record a new all-time-high price soon or a year after the halving event. From the current price behavior, the next halving would be no different and could be a catalyst to push the asset beyond $85,827.99 as predicted by a price-prediction platform. 

Altcoins Join the Rally

With the current rally, various altcoins have joined the “moving train” as Dogecoin surged by 7 percent in the last seven days and 6 percent in the last 24 hours to trade at $0.065356. Ethereum is trading at $1,678.11 after surging by 6 percent in the last seven days and 2.8 percent in the last 24 hours.

Solana has also made an incredible surge to hit $29.67 after surging by 28 percent in the last seven days and 3.8 percent in the last 24 hours. Polygon has recorded a bullish market sentiment to make a weekly 17 percent jump to hit $0.613578. In the last 24 hours, the asset has surged by 9 percent. 

According to Jelle, only a few people are ready for what is going to happen in the next months. Research firm Santiment in a recent post shared on X noted the current waves of altcoins as they move to break key resistance levels. 

Unlike #Bitcoin’s previous two brief visits to $30K, this latest resistance level break to end the weekend has occurred as #altcoins surge, rather than falling behind $BTC’s price. $LINK, $MATIC, $UIP, $APT, and $AAVE are all seeing their best-performing decouplings of 2023.

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