Bitcoin Market Update – October 26, 2024: Bulls Eye $70K Breakthrough

Bitcoin’s price action is showing strength, holding near $67,000 and closing in on a critical $70,000 resistance level. A breakout here could trigger a major short squeeze, as $11 billion in short liquidations await above this threshold. Such a squeeze could propel BTC past $70K, setting the stage for further gains. However, if Bitcoin encounters selling pressure, it could pull back to support around $66,000, with $64,000 as a secondary safety net.

BTC dominance remains high, signaling strong interest, although overbought indicators may lead to consolidation, briefly benefiting altcoins. Declining stablecoin dominance, a bullish signal, points to increasing capital inflows into BTC. Traders should keep an eye on volume; sustained upward movement will require strong support from new buy orders. Bitcoin's next moves around these levels could open new frontiers or bring temporary consolidation.

Will BTC break the $70K wall? Follow the volume and resistance tests for the next phase!