Bitcoin Rally Stalls Around $67,000: Bull Trap Or Breakout Ahead Of The Election Next?

Market analysts are sending mixed signals on Bitcoin‘s BTC/USD price trajectory in the coming days, with some highlighting strong underlying fundamentals and others pointing to concerning technical indicators.

What Happened: On Oct. 23, Bitcoin spot ETFs saw a total inflow of $192 million, with BlackRock's IBIT ETF receiving a massive $317 million.

While Ethereum spot ETFs had a modest inflow of $1.27 million, analysts are carefully watching how these trends will impact price movements in the days ahead.

In a note sent to Benzinga, Alex Kuptsikevich, chief market analyst at FxPro, noted that the cryptocurrency market has rebounded after a dip earlier in the week.

"Bitcoin's intraday dynamics are bullish," he said, adding that if Bitcoin manages to break through the $69,500 resistance, it could push toward $76,000 before consolidating.

However, Kuptsikevich warned that it remains unclear whether this rebound represents a lasting shift or a temporary “bull trap.”

Meanwhile, Shubh Varma, CEO of Hyblock Capital, emphasized the role of macroeconomic conditions and market sentiment. Varma noted that optimism is growing as the U.S. Federal Reserve’s rate cuts create a liquidity-driven environment favorable for risk assets like Bitcoin.

“As Trump's election odds rise, the market could start pricing in more growth and liquidity-driven trades, setting Bitcoin up for a breakout ahead of the election,” Varma said in a note to Benzinga.

Also Read: Bitcoin Advocates Fire Back At European Central Bank, Say ‘Vested Interest’ Motivated Criticism

Despite the positive momentum, analysts are also warning of potential friction in Bitcoin's upward trajectory.

Varma pointed to the $69,700 – $69,800 liquidity zone as a key level of resistance, suggesting that it may serve as an ideal shorting opportunity if bearish signals emerge.

Illia Otychenko, lead analyst at CEX.IO, focused on the upcoming expiration of over $5.6 billion in Bitcoin options on October 25, which could introduce heightened volatility.

“The current market price near $67,000 could lead to heightened volatility, especially around the $66,000 strike price,” Otychenko said.

The event, marking one of the largest expiries by open interest, could either accelerate Bitcoin’s upward momentum or trigger a price dip depending on how traders respond.

What’s Next: These ongoing developments in the crypto market will be closely examined at Benzinga's Future of Digital Assets event on Nov. 19, where industry leaders will discuss the impact of institutional inflows, macroeconomic trends, and regulatory developments on the future of cryptocurrencies like Bitcoin.

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