Why $68,200 is key for Bitcoin
The $68,200 level aligns with important resistances on the OI, a critical aspect given that the market has been driven mostly by long positions in futures, a segment that handles seven times more volume than Bitcoin ETFs in the United States.
If Bitcoin fails to hold above this level in October, the risk of a long squeeze increases.
Moreover, since October 14, spot market traders have been inactive, which raises concerns as the rally has been driven mostly by perpetual futures, a worrying sign.
