Originally published on: October 15, 2024
Bitcoin’s price soared to $68,000 at the Wall Street open on Oct. 15, signaling a shift in focus towards breaking the eight-month downtrend. Traders are now eyeing the old all-time highs as the cryptocurrency’s price shows signs of fresh upside potential.
During the Wall Street trading session, BTC/USD gained over 2% and approached a key psychological level, hinting at a possible breakthrough of its previous all-time high from 2021. Popular trader Skew emphasized the importance of a higher high above $69,000 to sustain the rebound and trigger a long-term structural shift.
The relative strength index (RSI) values above 50 further support the bullish sentiment, with trader Rekt Capital confirming a breakout above mid-term highs from August, setting the stage for a potential rally. However, data from CoinGlass suggests that liquidity areas need replenishment above the current spot price, with buyer interest concentrated around $65,000.
The recent surge in US spot Bitcoin exchange-traded funds (ETFs) inflows has sparked optimism, prompting traders to monitor market supply closely. Skew highlighted the need for strong underlying demand to overcome the correlation between ETF inflows and market supply, emphasizing the importance of passive buyers and market uplift to push prices higher.
As the market continues to evolve, traders are advised to conduct their own research and exercise caution before making investment decisions. Stay updated on the latest market insights and opportunities by subscribing to the Markets Outlook newsletter.
