Bitcoin mocks as ‘FOMO liquidity grab’ keeps $69k in place

A “FOMO liquidity grab” surrounded the key indicator level on October 19 after Bitcoin (BTC) finished declining at $69,000 on October 19.

BTC price closes best daily close in 4 months.

Data from Cointelegraph Markets Pro and TradingView showed that BTC price action was bullish after the last week's Wall Street trading session.

BTC/USD inched within $69,000 on Bitstamp before giving up its sudden gains.

“Low volume + bear divs on this leak,” the legendary trader Roman told his followers on X at the time.

Before we go any further, let's go back down and recap. This seems to be a hold of Fomo liquidity before the real explosion.

Monitoring source data showed CoinGlass asking for a lid on BTC price as thick liquid walls built on both spot prices.

Roman quoted a $68,400 position of interest to market participants.

“Everyone is looking at 68.4k to break the macro range,” he concluded.

Continuing on the topic, fellow trader and analyst Rect Capital acknowledged that the bulls still have work to do to push the zone above $68,000 as strong support.

“Bitcoin is again loading above the protected area (red),” he explained with a symbolic chart on X.

“Bitcoin only needs one daily close beyond red resistance to position itself for a confirmed breakout from this. A daily close is necessary to ensure that there is no inverted wedge beyond resistance.”

The October 18 daily close finally reached a little above $68,400, making it Bitcoin's highest since June 10.

Bitcoin macro bull factors are lining up

Turning to macroeconomic trends, trading firm QCP Capital had good news for Bitcoin bulls going forward.

Related: Different this time? Bitcoin RSI Says $233K BTC Price Possible By 2025

Strong institutional earnings, as well as Bitcoin's three-and-a-half-year high dominance of the crypto market cap, mean that so-called “L1 coins” should all benefit, he argued in a recent announcement to Telegram channel subscribers.

Bitcoin's dominance stood at 58.88% on October 17, when it tagged 59% short-term.

“With U.S. stocks near all-time highs and the Japanese yen on a fresh weakening trend, risk-on sentiment will intensify as we approach the U.S. election,” QCP added.

“This elevates risk assets and supports our Uptober narrative.”

BTC/USD was up 7.7% month-to-date on the day, a performance roughly on par with September.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.