Bitcoin (BTC<\/a>) circled $68,000 on Oct. 16 after setting new 11-week highs into the Wall Street open.<\/p>\n BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC price upside resuming as bulls eclipsed the peak of a leverage-driven \u201cfakeout\u201d the day before.<\/p>\n Volatility was noticeable, and analyzing order book conditions, popular trader and analyst Skew warned over manipulation.<\/p>\n \u201cVery active spoofing going on here today,\u201d he wrote<\/a> on X about the Binance spot market.<\/p>\n \u201c1% – 2.5% gap between ask & bid liquidity so without passive flows there’s room for taker driven volatility today.\u201d<\/p><\/blockquote>\n BTC\/USDT 5-minute chart. Source: Skew\/X<\/em><\/p>\n<\/figcaption><\/figure>\n Skew noted<\/a> that below $67,000, late-long positions on derivatives markets were at risk of collapsing in a liquidation cascade.<\/p>\n Source: <\/em>Skew<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n The bulk of buying pressure, meanwhile, came from Binance and Bitfinex spot buyers around the Wall Street open, who mimicked moves<\/a> from the day prior.<\/p>\n Data from monitoring resource Material Indicators, meanwhile, captured en masse exposure increases among both larger and smaller investors.<\/p>\n \u201cFireCharts binned CVD once again shows all order classes buying Bitcoin,\u201d it told<\/a> X followers, referring to one of its proprietary trading tools.\u00a0<\/p>\n \u201cBid liquidity is stacking above $66k and $70k is coming into focus. Do BTC Bulls have enough momentum to make a sustainable run to ATH territory?\u201d<\/p><\/blockquote>\n BTC\/USDT order book data for Binance. Source: Material Indicators\/X<\/em><\/p>\n<\/figcaption><\/figure>\n Some were more than confident that sellers would capitulate to the return of the bull market.<\/p>\n Among them was crypto trader, analyst and entrepreneur Micha\u00ebl van de Poppe, who gave a deadline of a matter of weeks until BTC price discovery.<\/p>\n \u201cBitcoin is aiming for a new all-time high,\u201d he predicted<\/a> on the day.\u00a0<\/p>\n \u201cThe trend has switched. I think we\u2019ll see this happening in the next 3-4 weeks that we\u2019ll see that all-time high and likely $90K before EOY.\u201d<\/p><\/blockquote>\n BTC\/USD 12-hour chart with RSI data. Source: Micha\u00ebl van de Poppe\/X<\/em><\/p>\n<\/figcaption><\/figure>\n In a curious contrast, BTC\/USD gained in tandem with the US dollar, the two indexes breaking with their traditional inverse correlation.<\/p>\n Related: <\/strong><\/em>Bitcoin profit-taking nears $74K peak as speculators send Binance $500M<\/strong><\/em><\/a><\/p>\n The US Dollar Index (DXY) reached 103.45, its highest level since Aug. 8, another day on which BTC\/USD had a major upside of nearly 12%.<\/p>\n US Dollar Index (DXY) 1-day chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n Considering the implications, crypto social media was abuzz with caution.<\/p>\n \u201cThe monster is back. DXY is a day or two away from reclaiming every major ema,\u201d popular trading account Max Price forecast<\/a>.<\/p>\n DXY scores of 110 or more could come within a \u201crelatively quick period of time,\u201d it suggested.<\/p>\n \u201cKeep an eye on this as btc may be exit pumping in anticipation,\u201d the post concluded, stressing that explanation of Bitcoin\u2019s strength was only one possibility.<\/p>\n US Dollar Index (DXY) 1-week chart. Source: Max Price\/X<\/em><\/p>\n<\/figcaption><\/figure>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\nBitcoins BTC price gyrates around 11-week highs<\/h2>\n
Bitcoins Dollar surge makes Bitcoin traders nervous<\/h2>\n