BTC price focus shifts to $69K as Bitcoin challenges 8-month downtrend
Bitcoin (BTC) rose to $68,000 on Wall Street on October 15 as analysis told traders to focus on old all-time highs.
BTC/USD 1-Hour Chart. Source: TradingView
BTC price is seeing high levels since July
Fresh BTC prices rose after Wall Street's trading session began after an overnight consolidation, data from Cointelegraph Markets Pro and TradingView show.
Gaining more than 2% on the day before the consolidation, BTC/USD approached a key psychological position for the first time in months – a pre-2021 all-time high.
Noted trader and analyst Skew said in part in his latest market review on X: “The market structure and trend still looks positive to the upside.
Skew argues that if the High High (HH) is needed above $69,000 the 2021 peak will continue the recovery.
“The HH above $69k will play into the HTF structure shifts,” he continued.
BTC/USDT 1-day chart. Source: Skew/X
The post touched on relative strength index (RSI) values above the inflection point at 50, a key ingredient of the ongoing bull run that Cointelegraph previously reported.
“RSI above 50 on the 1D structure and a favorable 4H trend, often leads to higher results,” Skew agreed.
Elsewhere, fellow trader and analyst Rect Capital confirmed that it has broken above mid-term highs since August this year, establishing a resistance zone that it had previously rejected.
“BTC now needs a weekly close at red resistance to start breaking out of the channel (black),” he told X Followers with an explanatory chart.
“Inverted to red primary rejections (blue circles).”
BTC/USD 1-Week Chart. Source: Rekt Capital/X
Tracking input data from CoinGlass shows that ask positions are overfilled at the time of writing, with buyer interest also at just $65,000.
BTC/USD Order Book Liquidity Data (Snapshot). Source: CoinGlass
Bitcoin ETF risk makes a bad impression
After U.S. Bitcoin exchange-traded funds (ETFs) saw their highest net inflows in several months earlier, attention was focused on whether markets could sustain their optimism.
Related: These 5 Bitcoin Price Indicators Hint at New All-Time Highs in 2024
Referring to Spot ETF data and now the Binance Spot Orderbook data overlay, there is clear overlap with large earnings days and market availability, Skew noted.
“The bad sign of big earnings days is that prices can't sustain high momentum through spot supply areas.”
He pointed out that the drug is in demand on the spot market if it costs $69,000 to successfully treat it.
“I think what's needed to break this correlation and the market trade as negative is likely to be strong demand or passive buyers and market buyers pushing prices higher,” X's review concluded.
“Probably around $69k – $70k is where these flows come in.
US spot Bitcoin ETF netflows. Source: Skew/X
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.
