BTC price focus shifts to $69,000 as Bitcoin challenges 8-month downtrend.

Bitcoin (BTC) soared to $68,000 at the Wall Street open on October 15 as analysts urged traders to focus on past highs.

BTC price hit its highest since July.

BTC price gained fresh gains at the start of the Wall Street trading session after overnight consolidation, according to data from Cointelegraph Markets Pro and TradingView.

BTC/USD, which rose more than 2% the day before the consolidation, is approaching a key psychological zone for the first time in months. This is the highest ever recorded before 2021.

“The market structure and trends still seem to be decent in an upward direction,” noted trader and analyst Skew wrote as part of his latest market review for X.

Skewness argued that the rebound would continue if a higher high (HH) was needed, above the 2021 high of $69,000.

“HH above $69,000 will lead to changes in HTF structure,” he continued.

The post covered the Relative Strength Index (RSI) value remaining above the inflection point of 50, which Cointelegraph previously reported was a key factor in the continued upward trend.

Skew agreed: “An RSI above 50 with a 1D uptrend structure and a favorable 4H trend often produces higher results.”

Elsewhere, fellow trader and analyst Rekt Capital confirmed that the stock has topped medium-term highs from August this year, forming a resistance zone before being rejected.

“BTC now needs a weekly close inside red resistance to initiate a breakout from the channel (black),” he told X followers alongside an explanatory chart.

“The parent turns into a red preemptive rejection (blue circle).”

According to data from monitoring resource CoinGlass, at the time of writing, there was an area of ​​liquidity requests that had yet to be replenished above the spot price, with buyer interest likewise sitting at just $65,000.

Bitcoin ETF Flow Risk Anxiety Sentiment

Attention was focused on whether the market could maintain optimism after the U.S. spot Bitcoin exchange-traded fund (ETF) hit a multi-month high in net inflows the previous day.

relevant: These 5 Bitcoin Price Indicators Hint at All-Time Highs in 2024.

“If you refer to the spot ETF inflow data and now overlay it with the Binance Spot order book data, there is a clear overlap with large inflow days and market supply,” Skew said.

“A bad sign on a large inflow day is that the price cannot maintain its bullish momentum through the spot supply zone.”

He suggested that the solution may lie in spot market demand, a problem that should arise if the price successfully reaches $69,000.

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“Probably around $69,000 to $70,000 is where this flow will come in.”

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