Bitcoin (BTC) hit $68,000 on October 16 after hitting an 11-week high at the opening bell on Wall Street.
BTC/USD 1-hour chart. Source: TradingView
BTC price hits 11-week high.
Data from Cointelegraph Markets Pro and TradingView shows a resumption of BTC price gains as bulls eclipsed the peak of the leverage-driven “fake” the previous day.
The volatility was noticeable and renowned trader and analyst Skew, who analyzed order book conditions, warned of manipulation.
“There is very active spoofing going on today,” he wrote on X about the Binance spot market.
“There is a 1% to 2.5% gap between buy and bid liquidity, so without passive flows, there is room for taker-driven volatility today.”
This is the BTC/USDT 5-minute chart. Source: Tilt/X
Skew pointed out that in the derivatives market, long positions below $67,000 are at risk of being liquidated.
source: oblique
Meanwhile, most of the buying pressure came from spot buyers on Binance and Bitfinex around the Wall Street open, mimicking the previous day’s moves.
Meanwhile, data from monitoring resource Material Indicators captured large increases in exposure among both large and small investors.
“FireCharts binned CVD once again shows all the order classes for buying Bitcoin,” he told X followers, referring to one of the proprietary trading tools.
“Bidding liquidity is building above $66,000 and the focus is on $70,000. Do BTC Bulls have enough momentum to make a sustainable run into ATH territory?”
This is Binance’s BTC/USDT order book data. Source: Material Indicators/X
Some were convinced that sellers would succumb to the return of the bull market.
Among them was cryptocurrency trader, analyst and entrepreneur Michaël van de Poppe, who gave a deadline of several weeks for BTC price discovery.
He predicted on this day, “Bitcoin is hitting an all-time high.”
“The trend has changed. I think this will happen in the next 3-4 weeks and we will hit an all-time high and $90,000 before EOY.”
BTC/USD 12-hour chart with RSI data. Source: Michaël van de Poppe/X
Dollar surge makes Bitcoin traders nervous
Interestingly, BTC/USD rose alongside the US dollar, with the two indices breaking their traditional inverse correlation.
relevant: Bitcoin profit-taking is nearing its $74,000 peak as speculators send $500 million to Binance.
The US Dollar Index (DXY) reached 103.45, its highest level since August 8, another day when BTC/USD was able to rise by nearly 12%.
US Dollar Index (DXY) 1-day chart. Source: TradingView
Considering the implications, cryptocurrency social media was abuzz with caution.
“The monster is back. DXY is a day or two away from retrieving all the major ema.” Top trading accounts maximum price predictions.
It was suggested that a DXY score of 110 or higher could occur “relatively quickly.”
“BTC could be pumping exits as expected, so keep an eye on it,” the post concluded, emphasizing that the explanation for Bitcoin’s strength is just one possibility.
US Dollar Index (DXY) 1-week chart. Source: Max Price/X
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.