hit $66,000 after Wall Street opened on Oct. 14 as buying pressure from whales boosted already buoyant cryptocurrency markets.
BTC/USD 1-hour chart. Source: TradingView
$BTC Price Surge Takes Market Above $66,000
Data from Cointelegraph Markets Pro and TradingView showed BTC price gains approaching 5% on the day.
Continuing the strength that came towards the end of last week, BTC/USD approached two-week highs as the United States promoted deals, which began in earnest during the dayâs Asian trading session.
Analyzing the liquidity of the exchange order book on X, the trading resource Material Indicators showed that Bitcoin whales are âbuying Bitcoin againâ at current levels.
"We are watching to see if the mega brown whales come out with another large market order to break through this sell wall at $65.5k," part of his accompanying commentary read.
BTC/USDT order book liquidity on Binance. Source: Material Indicators/X
While heading towards $66,000, Bitcoin quickly reclaimed key trend lines as support on daily time frames.
As noted by popular analyst On-Chain College, the 200-day moving average and short-term holder cost basis (both key bull market support levels) were now apt to function as support once again.
BTC/USD chart with trend lines. Source: On-Chain College/X
Previously, Cointelegraph reported that $65,000 formed the key level for bulls to move towards as convincing support to secure a sustainable long-term trend change.
Popular trader Skew agreed on the day, describing the current spot price range as very significant.
"There's a pretty significant overhead here for the market to break and sustain above ~$65,000," he told X followers.
BTC/USD 1-day chart. Source: Skew/X
Trading firm QCP Capital was hopeful for improved market strength in the future.
