Bitcoin (BTC) rose nearly 2% in late October. As of October 31, Bitcoin was trading at $110,642 (approximately 164.2 million Korean won), breaking through the short-term resistance level of $110,463.
According to CoinStats data, buying pressure currently outweighs selling pressure, suggesting that the price is likely to continue consolidating within the $110,000 to $112,000 (approximately 100 million to 120 million Korean won) range in the short term. Current Bitcoin trading volume is low, making a significant directional shift unlikely in the near future.
TradingView technical charts show that the daily chart has broken through the resistance level. If a closing price forms within this range, it could open up further upside potential. From a medium-term perspective, Bitcoin remains in the middle of its price range, and trading volume continues to shrink, indicating that investors are waiting for a clearer direction in the market.
Experts point out that in the absence of clear breakout or sharp drop signals, as long as strong buying or selling pressure does not form at the current price level, the market will likely maintain a stable "range-bound" trend as the year draws to a close.
Despite the recent rebound, Bitcoin has failed to break through key resistance levels, and the market generally believes that it is currently in a "resting phase" before the next wave of price movement.
