Bitcoin (BTC<\/a>) circled a key breakout level on Oct. 19 after a \u201cFOMO liquidity grab\u201d ended in rejection at $69,000.<\/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 action constricting after the week\u2019s final Wall Street trading session.<\/p>\n BTC\/USD saw new three-month highs the day prior, coming within inches of $69,000 on Bitstamp before giving up its spontaneous gains.<\/p>\n \u201cLow volume + bear divs on this breakout,\u201d popular trader Roman told<\/a> followers on X at the time.\u00a0<\/p>\n \u201cStill think we come back down and consolidate before moving higher. This seems like a fomo liquidity grab before the real breakout.\u201d<\/p><\/blockquote>\n BTC liquidation heatmap (screenshot). Source: CoinGlass<\/em><\/p>\n<\/figcaption><\/figure>\n Data from monitoring resource CoinGlass<\/a> showed thick liquidity walls building either side of spot price, with asks keeping a lid on BTC price upside.<\/p>\n Roman also referred to a crunch area of interest<\/a> for market participants, $68,400, this corresponding to a breakout zone of significant importance since March\u2019s all-time high.<\/p>\n \u201cEveryone is watching 68.4k to break the macro range,\u201d he concluded.<\/p>\n BTC\/USD 1-day chart. Source: Rekt Capital\/X<\/em><\/p>\n<\/figcaption><\/figure>\n Continuing on the topic, fellow trader and analyst Rekt Capital acknowledged that bulls still had work to do in order to cement the zone immediately above $68,000 as solid support.<\/p>\n \u201cBitcoin is once again pressing beyond the very top of the resistance area (red),\u201d he explained on X alongside an illustrative chart.<\/p>\n \u201cBitcoin 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.\u201d<\/p><\/blockquote>\n The Oct. 18 daily close ultimately came in marginally above $68,400, making it Bitcoin\u2019s highest since June 10.<\/p>\n Turning to macroeconomic trends, trading firm QCP Capital had good news for Bitcoin bulls going forward.<\/p>\n Related: <\/strong><\/em>Different this time? Bitcoin RSI says $233K BTC price possible in 2025<\/strong><\/em><\/a><\/p>\n Strong institutional inflows<\/a>, as well as three-and-a-half-year highs<\/a> in Bitcoin\u2019s crypto market cap dominance, meant that so-called \u201cL1 coins\u201d should all benefit, it argued in its latest bulletin to Telegram channel subscribers.<\/p>\n Bitcoin dominance stood at 58.88% at the time of writing, having briefly tagged 59% on Oct. 17.<\/p>\n Bitcoin crypto market cap dominance 1-week chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n \u201cWith US equities close to all-time highs and the Japanese yen on a fresh weakening trend, risk-on sentiment will only grow stronger as we approach the US election,\u201d QCP added.\u00a0<\/p>\n \u201cThis will propel risk assets higher and support our Uptober narrative.\u201d<\/em><\/p><\/blockquote>\n BTC\/USD monthly returns (screenshot). Source: CoinGlass<\/em><\/p>\n<\/figcaption><\/figure>\n BTC\/USD was up 7.7% month-to-date on the day, performance approximately equal to September.<\/p>\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 seals best daily close in 4 months<\/h2>\n
Bitcoins Bitcoin macro bull factors line up<\/h2>\n