Bitcoin (BTC<\/a>) consolidated near $34,000 after the Oct. 24 Wall Street open as the dust settled on 15% daily gains.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> tracked BTC price volatility through the day, with $34,000 a focus at the time of writing.<\/p>\n The pair had previously hit 17-month highs near $35,200<\/a> on the back of fresh excitement over the potential approval of a Bitcoin spot price exchange-traded fund (ETF) in the United States.<\/p>\n Analyzing the sequence of events which led to a $5,000 daily candle, monitoring resource Material Indicators revealed a support\/resistance (R\/S) flip at $30,600.<\/p>\n The speed at which the market broke through resistance in place throughout the past year-and-a-half was surprising, an X post read<\/a>. Material Indicators \u201chonestly expected to see more resistance at $30.5k, $31.5k and even $33k.\u201d <\/p>\n \u201cThose levels were obliterated and and when an $87M buy wall appeared at $30.6k that set the foundation for a R\/S flip with no hesitation from the market,\u201d it explained. <\/p>\n \u201cOnce $32k was taken out, some of the overhead liquidity was pulled and the thin liquidity made it easy for BTC to rip to $35k quickly.\u201d<\/p><\/blockquote>\n The post added that with some bid liquidity now pulled from below, there was a \u201copportunity for a potential retrace.\u201d<\/p>\n One of two accompanying charts covered the past 24 hours on the Binance order book.<\/p>\n Other factors lining up to contribute to a deeper consolidation included funding rates across exchanges, which at the time of writing were deep inside positive territory.<\/p>\n Be cautious with new longs\u2757\ufe0f pic.twitter.com\/jsuXPdIhRq<\/a><\/p>\n \u2014 CryptoBullet (@CryptoBullet1) October 24, 2023<\/a><\/p><\/blockquote>\n \u201cFunding is grossly positive,\u201d popular trader CryptoBullet wrote during an X discussion. <\/p>\n \u201cIt means that the vast majority of traders are longing. The majority is never right. The market maker will have to wipe out those late longs.\u201d<\/p><\/blockquote>\n BTC short liquidations on the way up totalled $161 million and $48 million for Oct. 23 and 24, respectively, per data<\/a> from monitoring resource CoinGlass.<\/p>\n Commenting on funding rates, fellow trader Daan Crypto Trades argued that the market might yet preserve its direction \u2014 part of familiar bull market behavior.<\/p>\n #Bitcoin<\/a> Still a perpetual premium but it has come down a bit.<\/p>\n It’s good to note that during the bull market, we often had weeks of positive funding rates as that was just seen as “the price to pay to participate”.<\/p>\n Similar how during 2022-2023 we were mostly negative. https:\/\/t.co\/W3AtaydaQd<\/a> pic.twitter.com\/Hl2mnVz9sa<\/a><\/p>\n \u2014 Daan Crypto Trades (@DaanCrypto) October 24, 2023<\/a><\/p><\/blockquote>\n Bitcoin\u2019s retracement on the day came inside a reversal upward for U.S. dollar strength, which had waned the day prior.<\/p>\n Related:\u00a0Bitcoin price surge drives BTC-related stocks to new multiweek highs<\/a><\/em><\/strong><\/p>\n The U.S. dollar index (DXY) retook 106, up 0.5% versus its intraday low.<\/p>\n Bitcoin continues to exhibit mixed reactions to DXY movements, where once a clear inverse correlation<\/a> was apparent.<\/p>\n It’s too obvious that $DXY<\/a> is moving downward since it forms a new lower low. \u2014 Trader Tardigrade (@TATrader_Alan) October 24, 2023<\/a><\/p><\/blockquote>\nOpinions diverge on Bitcoin funding rates<\/h2>\n
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Dollar rebounds as BTC price consolidates<\/h2>\n
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At the same time, a nice breakout can be seen in #Bitcoin<\/a>. pic.twitter.com\/NP65yDnlRJ<\/a><\/p>\n
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