As a seasoned crypto investor with over a decade of experience under my belt, I’ve witnessed Bitcoin’s (BTC) rollercoaster ride more times than I can count. The latest price action has been no exception – it’s been a wild ride, to say the least!
On October 19th, Bitcoin (BTC) neared a significant milestone in its upward trajectory following an unsuccessful “panic buying spree” that peaked at $69,000 and subsequently failed to hold.
BTC price seals best daily close in 4 months
According to data from both CryptoMoon Markets Pro and TradingView, the Bitcoin price movement became more limited following the last trading session on Wall Street for the week.
Yesterday, the value of Bitcoin relative to the U.S. Dollar reached record highs over the past 3 months on Bitstamp, nearing $69,000 before briefly pausing its sudden upward movement.
“Low volume + bear divs on this breakout,” popular trader Roman told followers on X at the time.
“Still think we come back down and consolidate before moving higher. This seems like a fomo liquidity grab before the real breakout.”
According to the data observed from CoinGlass, substantial barriers or ‘liquidity walls’ were observed on both sides of the Bitcoin (BTC) spot price, with high sell orders (‘asks’) preventing any significant rise in BTC price.
Roman often refers to the crucial region of focus for investors as the price point of $68,400, which represents a critical breakout area of major significance since reaching the all-time high in March.
“Everyone is watching 68.4k to break the macro range,” he concluded.
Moving forward in our discussion, it’s important to note that Rekt Capital, another trader and analyst, agreed that the bulls still needed to put in some effort to make the area just above $68,000 a strong point of support.
Bitcoin is trying to break through the upper limit, or resistance area (marked red), as per his explanation while displaying a related chart.
“Bitcoin just needs one Daily Close beyond the red resistance to position itself for a confirmed breakout from here. Daily Close is essential to confirm lack of upside wicks beyond resistance.”
On October 18th, the closing price for the day ended up slightly over $68,400, marking the highest Bitcoin value since June 10th.
Bitcoin macro bull factors line up
Looking at broader economic patterns, the trading firm QCP Capital recently shared optimistic forecasts for Bitcoin supporters in the upcoming period.
In its recent update to Telegram channel followers, the institution suggested that with robust institutional investments and Bitcoin’s crypto market cap dominance at a three-and-a-half-year peak, all “L1 coins” are expected to see positive effects.
Bitcoin dominance stood at 58.88% at the time of writing, having briefly tagged 59% on Oct. 17.
As U.S. stocks are near record levels and the Japanese yen is weakening, the optimistic attitude toward investment risks will likely intensify as we draw closer to the U.S. election, according to QCP.
“This will propel risk assets higher and support our Uptober narrative.”
BTC/USD was up 7.7% month-to-date on the day, performance approximately equal to September.
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2024-10-19 14:34