Bitcoin (BTC) hovered around $68,000 on October 16 after reaching new 11-week highs as the Wall Street session began.
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin’s price surge continuing, surpassing the previous day’s peak, which was driven by leveraged trades.
While volatility was apparent, popular trader and analyst Skew cautioned about potential market manipulation. “Very active spoofing going on here today,” he noted on X regarding the Binance spot market. He pointed out that a gap of 1% to 2.5% between ask and bid liquidity could lead to volatility in the absence of passive flows.
Skew also warned that if BTC fell below $67,000, it could trigger a liquidation cascade for late-long positions in the derivatives market.
Meanwhile, most of the buying pressure came from spot buyers on Binance and Bitfinex, particularly around the Wall Street open, mirroring the prior day’s activity.
Monitoring resource Material Indicators observed increased exposure among both large and small investors. “FireCharts binned CVD once again shows all order classes buying Bitcoin,” the platform shared with its X followers, noting that bid liquidity was stacking above $66,000, with $70,000 in sight.
Some traders were confident that sellers would capitulate, marking the return of a bull market. Crypto trader and analyst Michaël van de Poppe predicted that Bitcoin would hit a new all-time high within the next few weeks, stating, “The trend has switched… likely $90K before EOY.”
Interestingly, BTC gained alongside the U.S. dollar, breaking their usual inverse correlation. The U.S. Dollar Index (DXY) climbed to 103.45, its highest level since August 8, a day when Bitcoin also saw a major upside of nearly 12%.
