Originally published on: October 16, 2024
Bitcoin made a bold move on October 16, reaching $68,000 and hitting new highs over an 11-week period as Wall Street opened its doors. The BTC price continued its upward trend, with bulls pushing past a previous leverage-driven peak.
Amidst the volatility, analysts noted potential risks of market manipulation, particularly with spoofing activities on the Binance spot market. There were concerns that late-long positions on derivatives markets could face liquidation if BTC dipped below $67,000.
Data showed that buying pressure predominantly came from Binance and Bitfinex spot buyers following moves from the previous day. Market indicators also highlighted increased exposure from both large and small investors.
There was a sense of optimism among traders and analysts, with many predicting a bullish market sentiment in the weeks to come. The US dollar’s rise alongside BTC was seen as an unexpected development, breaking the typical inverse correlation between the two indexes.
Crypto social media was filled with cautionary discussions about the US Dollar Index (DXY) reaching 3-month highs and its potential impact on BTC. Speculation arose about a possible “exit pump” scenario as BTC price discovery continued.
While these insights offer valuable perspectives, it’s important to conduct thorough research and analysis before making any investment decisions. Stay informed with the latest market trends and expert opinions to navigate the fast-paced world of cryptocurrency trading.
