Bitcoin risks 'exit pump' on 3-month DXY highs as BTC price hits $68K
2024-10-16

Bitcoin BTCUSD circled $68,000 on Oct. 16 after setting new 11-week highs into the Wall Street open.
BTC price gyrates around 11-week highs
Data from Cointelegraph Markets Pro and TradingView showed BTC price upside resuming as bulls eclipsed the peak of a leverage-driven “fakeout” the day before.
Volatility was noticeable, and analyzing order book conditions, popular trader and analyst Skew warned over manipulation.
“Very active spoofing going on here today,” he wrote on X about the Binance spot market.

Skew noted that below $67,000, late long positions on derivatives markets were at risk of collapsing in a liquidation cascade.
The bulk of buying pressure, meanwhile, came from Binance and Bitfinex spot buyers around the Wall Street open, who mimicked moves from the day prior.
Data from monitoring resource Material Indicators meanwhile captured en masse exposure increases among both larger and smaller investors.
“FireCharts binned CVD once again shows all order classes buying Bitcoin,” it told X followers, referring to one of its proprietary trading tools. 

Some were more than confident that sellers would capitulate to the return of the bull market.
Among them was crypto trader, analyst and entrepreneur Michaël van de Poppe, who gave a deadline of a matter of weeks until BTC price discovery.
“Bitcoin is aiming for a new all-time high,” he predicted on the day. 

Dollar surge makes Bitcoin traders nervous
In a curious contrast, BTCUSD gained in tandem with the US dollar, the two indexes breaking with their traditional inverse correlation.
The US dollar index (DXY) reached 103.45, its highest level since Aug. 8, another day on which BTCUSD had a major upside of nearly 12%.
Considering the implications, crypto social media was abuzz with caution.
“The monster is back. DXY is a day or two away from reclaiming every major ema,” popular trading account Max Price forecast.
DXY scores of 110 or more could come within a “relatively quick period of time,” it suggested. 
“Keep an eye on this as btc may be exit pumping in anticipation,” the post concluded, stressing that explanation of Bitcoin’s strength was only one possibility.
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.