Bitcoin (BTC) orbited $68,000 on October 16, after hitting an 11-week high on Wall Street's open market.
BTC/USD 1 hour chart. Source: TradingView
BTC price hovers near 11-week high
Cointelegraph Markets Pro and TradingView It signaled a resumption of the BTC price rally as the bulls moved above the previous day’s leverage-driven “fakeout” peak.
The volatility was significant and popular trader and analyst Skew analyzed the order book situation and warned of manipulation.
“There's very active spoofing going on here today,” he said. I wrote About Binance Spot Market on X.
“With a 1% to 2.5% difference between ask and bid liquidity, there is room for taker-driven volatility today in the absence of passive flows.”
5 minute chart of BTC/USDT. Source: Skew/X
skew noticed If it falls below $67,000, late-stage long positions in the derivatives market risk collapsing in a liquidation cascade.
sauce: skew
Meanwhile, most of the buying pressure came from spot buyers on Binance and Bitfinex around the Wall Street Open. imitated movement From the day before.
On the other hand, data from resources that monitor material indicators captures exposure growth for both large and small investors in bulk.
“FireCharts binned CVD once again shows that all order classes are buying Bitcoin.” said Followers of X. We are referring to one of our unique trading tools.
“Bid liquidity is above $66,000, with $70,000 becoming the focus. Will BTC bulls have enough momentum to sustainably advance into ATH territory?”
Binance's BTC/USDT orderbook data. Source: Material Indicator/X
Some were confident that sellers would capitulate to a bull market resurgence.
Among them was crypto trader, analyst, and entrepreneur Michael van de Poppe, who gave him a deadline of several weeks to discover the BTC price.
“Bitcoin is heading for new all-time highs,” he said. predicted On the day.
“The trend has switched. I think this will happen over the next three to four weeks and by EOY we'll be at an all-time high, probably $90,000.”
BTC/USD 12-hour chart with RSI data. Source: Michael van de Poppe/X
Bitcoin traders are worried as the dollar soars
In an interesting contrast, BTC/USD rose in tandem with the US dollar, with the two indexes breaking their traditional inverse correlation.
Related: Bitcoin profit taking nears peak of $74,000 as speculators send $500 million to Binance
The US dollar index (DXY) reached 103.45, its highest since August 8, when BTC/USD rose significantly by nearly 12%.
Daily chart of the US dollar index (DXY). Source: TradingView
Considering the implications, crypto social media buzzed with alarm.
“The monster is back. DXY can get back all the major ema in 1-2 days,” said Max Price, a popular trading account. forecast.
It suggested that a DXY score of 110 or above could be achieved within a “relatively early period”.
“Keep an eye on this as Bitcoin could be spiking its exit on expectations,” the post concluded, stressing that the explanation for Bitcoin’s strength is just one possibility. .
1 week chart of US dollar index (DXY). Source: Max Price/X
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
