On October 16, Bitcoin's price reached $68,000, marking a new 11-week high. This was driven by Wall Street activity and significant market volatility.

Bitcoin Price and Volatility

Data from Cointelegraph Markets Pro and TradingView showed continued surges in Bitcoin's price, surpassing the previous day's peak. However, trader and analyst Skew cautioned about potential market manipulations. He highlighted active 'spoofing' on the Binance spot market, which could lead to volatility due to a 1-2.5% liquidity gap between buy and sell orders.

Traders and Buyers Analysis

Most of the buying pressure came from spot buyers on Binance and Bitfinex, particularly around the Wall Street open, mirroring the previous day's activity. Monitoring resource Material Indicators observed increased interest among both large and small investors, noting that bid liquidity was stacking above $66,000.

Market Influencing Factors

Some traders are confident that sellers will capitulate, marking a return of the bull market. Crypto trader and analyst Michaël van de Poppe predicted Bitcoin would hit a new all-time high within the next few weeks, stating, 'The trend has switched... likely $90K before EOY.' Interestingly, BTC gained alongside the U.S. dollar, breaking their usual inverse correlation. The U.S. Dollar Index (DXY) climbed to 103.45, its highest level since August 8, coinciding with a major Bitcoin upside of nearly 12%.

Bitcoin's price fluctuates significantly amid active Wall Street trading. As the market reaches new heights, analysts continue to watch for potential manipulations and trend changes.