On Oct. 19, Bitcoin (BTC) hovered near a crucial breakout level after a “FOMO liquidity grab” saw it rejected at $69,000.
Data from Cointelegraph Markets Pro and TradingView indicated that BTC’s price action tightened following the last Wall Street trading session of the week.
On the previous day, BTC/USD reached new three-month highs, nearly touching $69,000 on Bitstamp before losing its sudden gains.
“Low volume + bear divs on this breakout,” popular trader Roman commented on X, adding, “Still think we come back down and consolidate before moving higher. This seems like a fomo liquidity grab before the real breakout.”
Data from CoinGlass showed thick liquidity barriers forming around the spot price, with significant sell orders capping Bitcoin’s upward movement.
Roman highlighted a key area of interest at $68,400, describing it as a breakout zone of significant importance since the March all-time high. “Everyone is watching 68.4k to break the macro range,” he stated.
Fellow trader and analyst Rekt Capital noted that while Bitcoin was attempting to push past the top of the resistance area, bulls needed to establish the zone above $68,000 as solid support.
“Bitcoin is once again pressing beyond the very top of the resistance area (red),” Rekt Capital explained, adding, “Bitcoin just needs one Daily Close beyond the red resistance to position itself for a confirmed breakout from here. Daily Close is essential to confirm lack of upside wicks beyond resistance.”
The Oct. 18 daily close finished slightly above $68,400, marking Bitcoin’s highest closing price since June 10.
Looking ahead, trading firm QCP Capital pointed to favorable macroeconomic trends for Bitcoin bulls, indicating positive momentum could continue.
