{"id":51832,"date":"2024-10-17T01:14:00","date_gmt":"2024-10-17T01:14:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-risks-exit-pump-3-month-dxy-highs-btc-price-68-k"},"modified":"2024-10-17T04:22:01","modified_gmt":"2024-10-17T04:22:01","slug":"bitcoin-risks-exit-pump-on-3-month-dxy-highs-as-btc-price-hits-68k","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51832","title":{"rendered":"Bitcoin risks 'exit pump' on 3-month DXY highs as BTC price hits $68K"},"content":{"rendered":"

Bitcoin (BTC) circled $68,000 on Oct. 16 after setting new 11-week highs into the Wall Street open.<\/p>\n

\"\"
BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

BTC price gyrates around 11-week highs<\/h2>\n

Data\u00a0showed BTC price upside resuming as bulls eclipsed the peak of a leverage-driven \u201cfakeout\u201d the day before.<\/p>\n

Volatility was noticeable, and analyzing order book conditions, popular trader and analyst Skew warned over manipulation.<\/p>\n

\u201cVery active spoofing going on here today,\u201d he wrote on X about the Binance spot market.<\/p>\n

\u201c1% – 2.5% gap between ask & bid liquidity so without passive flows there’s room for taker driven volatility today.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USDT 5-minute chart. Source: Skew\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

Skew noted that below $67,000, late long positions on derivatives markets were at risk of collapsing in a liquidation cascade.<\/p>\n

\"\"
Source: Skew<\/em><\/p>\n<\/figcaption><\/figure>\n

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.<\/p>\n

Data from monitoring resource Material Indicators meanwhile captured en masse exposure increases among both larger and smaller investors.<\/p>\n

\u201cFireCharts binned CVD once again shows all order classes buying Bitcoin,\u201d it told X followers, referring to one of its proprietary trading tools.<\/p>\n

\u201cBid liquidity is stacking above $66k and $70k is coming into focus. Do BTC Bulls have enough momentum to make a sustainable run to ATH territory?\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USDT order book data for Binance. Source: Material Indicators\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

Some were more than confident that sellers would capitulate to the return of the bull market.<\/p>\n

Among them was crypto trader, analyst and entrepreneur Micha\u00ebl van de Poppe, who gave a deadline of a matter of weeks until BTC price discovery.<\/p>\n

\u201cBitcoin is aiming for a new all-time high,\u201d he predicted on the day.<\/p>\n

\u201cThe trend has switched. I think we’ll see this happening in the next 3-4 weeks that we’ll see that all-time high and likely $90K before EOY.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USD 12-hour chart with RSI data. Source: Micha\u00ebl van de Poppe\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

Dollar surge makes Bitcoin traders nervous<\/h2>\n

In a curious contrast, BTC\/USD gained in tandem with the US dollar, the two indexes breaking with their traditional inverse correlation.<\/p>\n

Related: <\/strong><\/em>Bitcoin profit-taking nears $74K peak as speculators send Binance $500M<\/strong><\/em><\/p>\n

The US dollar index (DXY) reached 103.45, its highest level since Aug. 8, another day on which BTC\/USD had a major upside of nearly 12%.<\/p>\n

\"\"
US Dollar Index (DXY) 1-day chart. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

Considering the implications, crypto social media was abuzz with caution.<\/p>\n

\u201cThe monster is back. DXY is a day or two away from reclaiming every major ema,\u201d popular trading account Max Price forecast.<\/p>\n

DXY scores of 110 or more could come within a \u201crelatively quick period of time,\u201d it suggested.<\/p>\n

\u201cKeep an eye on this as btc may be exit pumping in anticipation,\u201d the post concluded, stressing that explanation of Bitcoin\u2019s strength was only one possibility.<\/p>\n

\"\"
US Dollar Index (DXY) 1-week chart. Source: Max Price\/X<\/em><\/p>\n<\/figcaption><\/figure>\n

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.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) circled $68,000 on Oct. 16 after setting new 11-week highs into the Wall Street open. BTC\/USD 1-hour chart. Source: TradingView BTC price gyrates around 11-week highs Data\u00a0showed BTC price upside resuming as bulls … Bitcoin risks 'exit pump' on 3-month DXY highs as BTC price hits $68K<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51834,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin risks 'exit pump' on 3-month DXY highs as BTC price hits $68K - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51832\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin risks 'exit pump' on 3-month DXY highs as BTC price hits $68K - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) circled $68,000 on Oct. 16 after setting new 11-week highs into the Wall Street open. BTC\/USD 1-hour chart. 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