BTC price focus shifts to $69K as Bitcoin challenges 8-month downtrend
2024.10.15 10:51
Bitcoin (BTC) spiked toward $68,000 at the Oct. 15 Wall Street open as analysis told traders to focus on old all-time highs.
BTC/USD 1-hour chart. Source: TradingView
BTC price sees highest levels since July
Fresh BTC price upside accompanied the start of the Wall Street trading session after overnight consolidation, data from Cointelegraph Markets Pro and TradingView showed.
Gaining more than 2% on the day before consolidating, BTC/USD approached a key psychological area for the first time in months — its previous all-time high from 2021.
“Market structure & trend still looks decent towards the upside,” popular trader and analyst Skew wrote in part of his latest market review on X.
Skew argued that the rebound would be sustained if a higher high (HH) was needed above $69,000, the site of the 2021 peak.
“HH above $69K would then lead into HTF structure shifts playing out,” he continued.
BTC/USDT 1-day chart. Source: Skew/X
The post touched on relative strength index (RSI) values holding above the inflection point at 50, which Cointelegraph earlier reported was a key ingredient in sustained bull runs.
“RSI above 50 with uptrend structure on 1D & favourable 4H trend, more often results in higher,” Skew agreed.
Elsewhere, fellow trader and analyst Rekt Capital confirmed a breakout above mid-term highs from August this year, themselves forming a resistance zone previously delivering rejections.
“Now BTC needs a Weekly Close inside the red resistance to kickstart a breakout from the Channel (black),” he told X followers alongside an explanatory chart.
“Upside wicks into red preceded rejections (blue circles).”
BTC/USD 1-week chart. Source: Rekt Capital/X
Data from monitoring resource CoinGlass showed areas of ask liquidity yet to be replenished above spot price at the time of writing, with buyer interest likewise only in place at $65,000.
BTC/USD order book liquidity data (screenshot). Source: CoinGlass
Bitcoin ETF flows risk spooking sentiment
After the United States spot Bitcoin exchange-traded funds (ETFs) saw multi-month highs in net inflows the day prior, attention focused on whether markets could sustain their optimism.
Related: These 5 Bitcoin price metrics hint at a new all-time high in 2024
“Referring to Spot ETF inflows data & now overlaying Binance Spot Orderbook data there’s a clear overlap with large inflow days and market supply,” Skew noted.
“The bad omen of large inflow days has been price not being able to sustain bullish momentum through areas of spot supply.”
He suggested that a remedy could lie in spot market demand—something that should arise if price were to successfully tackle $69,000.
“I think what’s required to break this correlation & the market trading it as negative would be strong underlying demand aka passive buyers & market buyers lifting price,” the X review concluded.
“Probably around $69K – $70K is where these flows would come in.”
US spot Bitcoin ETF netflows. Source: Skew/X
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