As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I find myself cautiously optimistic about the recent spike in Bitcoin (BTC) price approaching its previous all-time high from 2021. Having witnessed numerous bull and bear cycles, I’ve learned to appreciate the importance of trend analysis and market structure when making investment decisions.
On October 15th, the opening bell of Wall Street saw Bitcoin (BTC) surge towards $68,000, with analysts advising traders to zero in on previous record highs as a key target.
BTC price sees highest levels since July
During the opening of Wall Street trading, the value of Bitcoin (BTC) increased, following a period of consolidation during the night as indicated by data from CryptoMoon Markets Pro and TradingView.
For the first time in several months, Bitcoin (BTC/USD) neared a significant milestone, reaching close to its old record high from 2021 after experiencing a daily increase of over 2%.
According to trader and analyst Skew, the current market setup appears promising with potential for upward movement, as he mentioned in a recent analysis on X.
In simpler terms, Skew proposed that the recovery would continue if a new record above $69,000 was established, which was the price level that marked the peak in 2021.
“HH above $69K would then lead into HTF structure shifts playing out,” he continued.
The post touched on relative strength index (RSI) values holding above the inflection point at 50, which CryptoMoon earlier reported was a key ingredient in sustained bull runs.
If the Relative Strength Index (RSI) is above 50 and there’s an uptrend structure on a daily chart, and the four-hour trend is positive as well, it usually leads to prices moving higher, which Skew concurred.
In other areas, the analyst and trader known as Rekt Capital verified a surge beyond the mid-year peaks from August, which had earlier functioned as a resistance area, repeatedly turning away attempts.
He advised his X followers that for Bitcoin (BTC) to initiate a breakout from its current channel, it requires a weekly close within the red resistance level as shown in the accompanying chart.
“Upside wicks into red preceded rejections (blue circles).”
At the current moment, data obtained from CoinGlass indicates that there are regions of demand for selling assets that have not been refilled beyond the current market price, while buyers’ interest is concentrated at $65,000. In simpler terms, there seems to be a gap in the market where people are willing to sell but not many are buying above the current price, and the only significant buyer interest is found at $65,000.
Bitcoin ETF flows risk spooking sentiment
Yesterday, when U.S. Bitcoin exchange-traded funds (ETFs) experienced a surge in net inflows over several months, investors started wondering if the market’s enthusiasm could be maintained for an extended period.
As a researcher examining the inflows of the Spot ETF, I observed a striking alignment when I layered the data with the Binance Spot Orderbook. On days with significant inflows, it appears there is a notable correspondence with increased market supply. This correlation was pointed out by Skew.
“The bad omen of large inflow days has been price not being able to sustain bullish momentum through areas of spot supply.”
He suggested that a remedy could lie in spot market demand—something that should arise if price were to successfully tackle $69,000.
The analysis found that a significant increase in active buyers, both passive and market participants, could help counteract this correlation and reverse the current market perception of it being unfavorable.
“Probably around $69K – $70K is where these flows would come in.”
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2024-10-15 17:55