Originally published on: October 19, 2024
Bitcoin’s price surged to a crucial breakout level on October 19 following a “FOMO liquidity grab” that saw a rejection at $69,000.
After hitting new three-month highs and nearing the $69,000 mark on Bitstamp, Bitcoin’s price saw a slight pullback, with traders closely watching the $68,400 level for a potential breakout.
Market analysts noted that Bitcoin bulls still need to solidify support above $68,000, with institutional inflows and increasing dominance in the crypto market cap indicating positive momentum for the flagship cryptocurrency.
As US equities near all-time highs and risk-on sentiment strengthens ahead of the US election, Bitcoin’s performance remains solid, with a 7.7% increase month-to-date.
While this article does not offer investment advice, it highlights the potential for Bitcoin’s price to break out and offers insights into the current market trends. Stay informed and subscribe to the Markets Outlook newsletter for more critical insights and trading strategies.
