We propose a framework to study the topological properties of an optical bound state in the continuum (BIC). Here, the formation of a BIC has been shown using the interaction between proximity resonances undergoing avoided resonance crossing in a simple fabrication, feasible gain-loss assisted microcavity. Similar to a Friedrich-Wingten (FW)-type BIC, the formation of an ultrahigh-quality (Q) mode due to the precise destructive interference between resonances has been reported. The enhancement in the Q factor was found to be more than four orders of magnitude greater than the other participating resonances. Furthermore, multiple such FW-type high-Q operating points from the same set of proximity resonances have been identified. Upon further inspection, we report the formation of a special-BIC line in the system parameter space connecting the locations of these operating points. Further, we closely investigate the light dynamics of systems near single and multiple quasi-BICs. Aiming to develop a scheme to enhance the performance of optical sensing in a microcavity, we study the sensitivity of transmission coefficients and quality factor to sense even ultrasmall perturbations in the system configuration. Our proposed scheme would open up a vast potential for an enhanced desired optical response in enhanced nonlinear applications, low-threshold nano- A nd microlasers, and device-level sensors. © 2020 American Physical Society.