Bitcoin Breakout Meets 'Hard Reset,' and Global Liquidity Is to Blame

How a global liquidity shortage has reached crypto

In his assessment, the cause lies in the specifics of the current environment: due to "Global liquidity and lack of momentum," major assets can no longer rise unchecked. Every strong rally is now accompanied by a deep technical pullback, and Kibar believes that "the same can be the case for cryptocurrencies." This liquidity shortage has forced a prolonged rally into a harsh reset.

On the daily $BTC/USD chart, this trend follows a clear pattern:

• Summer support: In July, after falling to $57,800, the market found a bottom and established a base for growth.
• Autumn momentum: In September, Bitcoin successively broke through resistance levels at $71,500 and $76,100.
• October test: The chart has now reached the 82,800 mark. The analyst directly points to this level, suggesting that "$BTC might be going through one of those hard retests of 82.8K." If buyers hold it, the level will become a launchpad for a move toward $90,000. Otherwise, the asset risks returning to its summer consolidation range.

The market's cooling is reinforced by the external macroeconomic backdrop. Investors are exercising extreme caution ahead of the US Federal Reserve's key meeting scheduled for October 27–28. Expectations of hawkish rhetoric from the US central bank and the potential continuation of high interest rates traditionally push capital out of risk assets and into safe-haven instruments such as government bonds.