Bitcoin price sets October high with $20K in reach as US stocks rally

cointelegraph.com:

Bitcoin (BTC) climbed to new October highs at the Oct. 3 Wall Street open as Credit Suisse concerns heightened. 

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD taking aim at $19,500 after starting the month flat.

The largest cryptocurrency reacted positively to lower than expected United States manufacturing data, while in Europe, market turmoil over Credit Suisse gathered pace despite executives’ reassurances.

“We are kicking off October trading in the same congested area we ended September,” on-chain analytics resource Material Indicators wrote in one of several updates on the day.

Material Indicators was referring to Bitcoin’s 21-day moving average (MA) at around $19,400, this now potentially coming in for a resistance/ support flip.

A further post revealed a proprietary trading indicator flashing “long” on daily timeframes, increasing hopes that bulls would be able to tackle the $20,000 mark.

Analyzing the behavior of derivatives traders, however, William Clemente, co-founder of digital asset research and trading firm Reflexivity Research, warned that long positions were too eager to confirm a trend change.

“Important to monitor the BTC derivatives market. For the time being, longs have been piling in on every move up in price,” he explained.

Order book data from Binance, the largest exchange by volume, meanwhile showed BTC/USD acting in a tight range bordered by sellers at $19,500 and bid interest around $19,150.

Below that, support lay at $18,800 at the time of writing.

Turning to the macro situation, U.S. Purchasing Managers Index (PMI) data coming in below expectations pressured bond yields.

Related: BTC price still not at ‘max pain’ — 5 things to know in Bitcoin this week

At the same time, oil and