Bitcoin (BTC) reached a key breakout level on October 19 after the “liquidity FOMO” ended with a rejection at $69,000.

BTC/USD 1-hour chart. Source: TradingView

BTC Price Hits Best Close in 4 Months

Data from TinTucBitcoin and TradingView shows BTC price action is tightening following Wall Street’s final trading session of the week.

BTC/USD hit a fresh three-month high the other day, nearly touching $69,000 on Bitstamp before giving up the sudden gains.

“Low volume + bearish divergence on this breakout,” popular trader Roman shared with the X community at the time.

“Still think we will pull back and consolidate before moving higher. This looks like a FOMO liquidity grab before a real breakout.”

BTC liquidity heatmap (screenshot). Source: CoinGlass

Data from monitoring resource CoinGlass shows thick liquidity walls being erected on both sides of the price in real-time, with demands preventing BTC price from rising.

Roman also mentioned a notable area for market participants, which is $68,400, which corresponds to a significant breakout zone since the all-time high in March.

“Everyone is watching 68.4k for a macro range break,” he concluded.

BTC/USD 1-day chart. Source: Rekt Capital/X

Continuing with the theme, trader and analyst Rekt Capital admitted that the bulls still need to work harder to make sure that the area just above $68,000 is solid support.

“Bitcoin once again broke above the top of the resistance area (red),” he explained on X with an illustrative chart.

“Bitcoin only needs a daily close above red resistance to put itself in position to confirm a breakout from here. A daily close is needed to confirm there is no bullish tail above resistance.”

The daily close on October 18 finally edged slightly above $68,400, hitting its highest level since June 10.

Bitcoin Macro Factors Emerge Simultaneously

Turning to macroeconomic trends, trading firm QCP Capital has good news for Bitcoin supporters going forward.

Strong institutional investment, coupled with Bitcoin’s cryptocurrency market cap hitting a three-and-a-half-year high, means all “L1” coins are expected to benefit, according to their latest announcement to Telegram channel subscribers.

Bitcoin dominates 58.88% at the time of writing, having hit 59% on October 17.

Bitcoin 1-week cryptocurrency market cap dominance chart. Source: TradingView

“With US stocks near all-time highs and the Japanese yen in a new weakening trend, risk-on sentiment will only get stronger as we get closer to the US election,” QCP added.

“This should push risk assets higher and support our Uptober narrative.”

BTC/USD monthly returns (screenshot). Source: CoinGlass

BTC/USD is up 7.7% month-to-date on the day, matching September's performance.

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