Yesterday the intraday rally got underway during Asian trading. After breaking above $63,400, the uptrend gained momentum as short positions got stopped out. According to CoinGlass, $55.4 mln worth of BTC shorts were liquidated over the past 24 hours.
The rally was driven by upbeat macro data out of China and the US, as well as a recovery of risk-on sentiment. Other major cryptocurrencies, such as ETH and SOL, also logged strong gains. US equities hit new highs on the back of robust data, cementing forecasts that the Fed will move ahead with an interest rate cut at its next meeting.
US stock indexes moved higher on Monday, while the DJIA and the S&P rose to new ATHs. This was due to several factors.
First, the focus of traders this week will be on a new batch of quarterly earnings reports from US companies. 43 companies listed in S&P 500 are set to report this week.
Second, the market is waiting for new signals from the Federal Reserve regarding further steps to lower interest rates. Fed governor Christopher Waller noted that the US economy is "much stronger than previously thought" and "the labor market remains quite healthy", which could influence the Fed's decisions.
On Tuesday, October 15, BTC/USDT was hovering near $65,516 in Asian trading. The door for buyers is open to $68,800. This is where resistance lies from a top of $73,777. A breakout here would send a signal to buy BTC and could trigger mass buying with an upside target of $90k.