Bitcoin is demonstrating strength, holding steady around the $68,000 mark and edging towards $69,000. This week’s trading session opened with a move toward all-time highs, as Bitcoin touched $69,000. However, traders are encountering resistance in the $69,000 to $70,000 range, a zone consistently marked by sell walls.
Futures Activity Drives Price, but Resistance Remains
The October 28 price move from $67,600 to a high was powered largely by futures market activity and liquidations, as highlighted by the surge in funding rates and buy volume. However, sellers have met the bullish push with resistance, filling orders at $69,400. This resistance prevents Bitcoin from surpassing the $70,000 barrier, and the price often retreats when traders cannot maintain enough demand at higher levels.
Spot Demand Needed to Sustain Higher Levels
According to market analysis, a lack of sustained spot purchasing demand is preventing Bitcoin from achieving a stable breakout. Spot buying on price dips pushes Bitcoin higher within its current range, but spot demand dries up at breakout points near $70,000. Without a strong and consistent influx of spot buyers, Bitcoin’s price continues to face resistance from sellers in this range.
Expert Opinion: No Major Move Until After the Election
JJ, head of crypto options and derivatives at HighStrike, commented on the current price action, stating, “We’re still up against that massive sell wall, which is suppressing a breakout to $70K.” He noted that the slow clearing of short interest has kept Bitcoin below this level and added, “I don’t think we’ll see sustained moves to all-time highs until after the election. The market may briefly push upwards, but it’s unlikely to hold.”
As November approaches, some traders may choose to de-risk, making it even more challenging for Bitcoin to breach and maintain new highs.
