Bitcoin teases breakout as 'FOMO liquidity grab' keeps $69K in place
2024-10-19

Bitcoin BTCUSD circled a key breakout level on Oct. 19 after a “FOMO liquidity grab” ended in rejection at $69,000.
BTC price seals best daily close in 4 months
Data from Cointelegraph Markets Pro and TradingView showed BTC price action constricting after the week’s final Wall Street trading session.
BTCUSD saw new three-month highs the day prior, coming within inches of $69,000 on Bitstamp before giving up its spontaneous gains.
“Low volume + bear divs on this breakout,” popular trader Roman told followers on X at the time. 

Data from monitoring resource CoinGlass showed thick liquidity walls building either side of spot price, with asks keeping a lid on BTC price upside.
Roman also referred to a crunch area of interest for market participants, $68,400, this corresponding to a breakout zone of significant importance since March’s all-time high.
“Everyone is watching 68.4k to break the macro range,” he concluded.
Continuing on the topic, fellow trader and analyst Rekt Capital acknowledged that bulls still had work to do in order to cement the zone immediately above $68,000 as solid support.
“Bitcoin is once again pressing beyond the very top of the resistance area (red),” he explained on X alongside an illustrative chart.
The Oct. 18 daily close ultimately came in marginally above $68,400, making it Bitcoin’s highest since June 10.
Bitcoin macro bull factors line up
Turning to macroeconomic trends, trading firm QCP Capital had good news for Bitcoin bulls going forward.
Strong institutional inflows, as well as three-and-a-half-year highs in Bitcoin’s crypto market cap dominance, meant that so-called “L1 coins” should all benefit, it argued in its latest bulletin to Telegram channel subscribers.
Bitcoin dominance stood at 58.88% at the time of writing, having briefly tagged 59% on Oct. 17.
“With US equities close to all-time highs and the Japanese yen on a fresh weakening trend, risk-on sentiment will only grow stronger as we approach the US election,” QCP added. 

BTCUSD was up 7.7% month-to-date on the day, performance approximately equal to September.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.