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Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) spiked toward $68,000 at the Oct. 15 Wall Street open as analysis told traders to focus on old all-time highs.
<figure>
 <img alt="Markets, Market Analysis" src="https://s3.cointelegraph.com/uploads/2024-10/0192909b-e23d-7a10-9b11-d4d56c8de38b" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
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<h2 id="btc-s-price-sees-highest-levels-since-july">BTC’s price sees highest levels since July</h2>
Fresh BTC price upside accompanied the start of the Wall Street trading session after overnight consolidation, data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> showed.
Gaining more than 2% on the day before consolidating, BTC/USD approached a key psychological area for the first time in months —&nbsp;its previous all-time high from 2021.
“Market structure &amp; trend still looks decent towards the upside,” popular trader and analyst Skew wrote in part of his <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1846155137057956026" rel="null" target="null" text="null" title="null">latest market review</a> on X.
Skew argued that the rebound would be sustained if a higher high (HH) was needed above $69,000, the site of the 2021 peak.
“HH above $69K would then lead into HTF structure shifts playing out,” he continued.
<figure>
 <img alt="BTC price focus shifts to $69K as Bitcoin challenges 8-month downtrend" src="https://s3.cointelegraph.com/uploads/2024-10/01929093-3dad-7bdb-a769-8dab4eaaa02e" title="">
 <figcaption style="text-align: center;">
 BTC/USDT 1-day chart. Source: Skew/X
 </figcaption>
</figure>
The post touched on relative strength index (RSI) values holding above the inflection point at 50, which <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/different-this-time-bitcoin-rsi-233k-btc-price-2025" rel="" target="_self" text="null" title="https://cointelegraph.com/news/different-this-time-bitcoin-rsi-233k-btc-price-2025">Cointelegraph earlier reported</a> was a key ingredient in sustained bull runs.
“RSI above 50 with uptrend structure on 1D &amp; favourable 4H trend, more often results in higher,” Skew agreed.
Elsewhere, fellow trader and analyst Rekt Capital confirmed a breakout above mid-term highs from August this year, themselves forming a resistance zone previously delivering rejections.
“Now BTC needs a Weekly Close inside the red resistance to kickstart a breakout from the Channel (black),” he <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1846127301139878195" rel="null" target="null" text="null" title="null">told</a> X followers alongside an explanatory chart.
<blockquote>
 “Upside wicks into red preceded rejections (blue circles).”
</blockquote>
<figure>
 <img alt="BTC price focus shifts to $69K as Bitcoin challenges 8-month downtrend" src="https://s3.cointelegraph.com/uploads/2024-10/01929095-7bbb-77f5-8ee8-1a366b24c88c" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-week chart. Source: Rekt Capital/X
 </figcaption>
</figure>
Data from monitoring resource <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" rel="null" target="null" text="null" title="null">CoinGlass</a> showed areas of ask liquidity yet to be replenished above spot price at the time of writing, with buyer interest likewise only in place at $65,000.
<figure>
 <img alt="BTC price focus shifts to $69K as Bitcoin challenges 8-month downtrend" src="https://s3.cointelegraph.com/uploads/2024-10/01929096-23fa-733c-8f3b-894749562d2f" title="">
 <figcaption style="text-align: center;">
 BTC/USD order book liquidity data (screenshot). Source: CoinGlass
 </figcaption>
</figure>
<h2 id="bitcoin-etf-flows-risk-spooking-sentiment">Bitcoin ETF flows risk spooking sentiment</h2>
After the United States spot Bitcoin exchange-traded funds (ETFs) saw <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-spot-bitcoin-etfs-556m-inflows-biggest-day-since-june" rel="" target="_self" text="null" title="https://cointelegraph.com/news/us-spot-bitcoin-etfs-556m-inflows-biggest-day-since-june">multimonth highs in net inflows</a> the day prior, attention focused on whether markets could sustain their optimism.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/these-5-bitcoin-price-metrics-hint-new-all-time-high-2024" rel="" target="_self" text="null" title="https://cointelegraph.com/news/these-5-bitcoin-price-metrics-hint-new-all-time-high-2024">These 5 Bitcoin price metrics hint at a new all-time high in 2024</a>
“Referring to Spot ETF inflows data &amp; now overlaying Binance Spot Orderbook data there’s a clear overlap with large inflow days and market supply,” Skew noted.
<blockquote>
 “The bad omen of large inflow days has been price not being able to sustain bullish momentum through areas of spot supply.”
</blockquote>
He suggested that a remedy could lie in spot market demand — something that should arise if price were to successfully tackle $69,000.
“I think what’s required to break this correlation &amp; the market trading it as negative would be strong underlying demand aka passive buyers &amp; market buyers lifting price,” the X review concluded.
<blockquote>
 “Probably around $69K - $70K is where these flows would come in.”
</blockquote>
<figure>
 <img alt="BTC price focus shifts to $69K as Bitcoin challenges 8-month downtrend" src="https://s3.cointelegraph.com/uploads/2024-10/01929097-97ea-76f0-ac8d-6c8791ba5f71" title="">
 <figcaption style="text-align: center;">
 US spot Bitcoin ETF netflows. Source: Skew/X
 </figcaption>
</figure>
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.

BTC price focus shifts to $69K as Bitcoin challenges 8-month downtrend

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