In a breathtaking development, Bitcoin has once again crossed the $64,000 mark, registering a substantial 7.7% increase from a low of $59,400 over just four days. This unexpected surge has reverberated throughout the cryptocurrency market, causing a significant wave of liquidations as traders scramble to adjust to this new reality. Data from Coinglass highlights the extent of market disruptions, particularly impacting those who had bet against Bitcoin’s rise.
Bitcoin Price Breaks Above $64,000 Again
As of the early hours of Monday, October 14, Bitcoin has successfully breached the $64,000 barrier after escaping a tight trading range over the weekend. With a 2.53% gain in the last 24 hours, the cryptocurrency achieved a peak of $64,500, marking its highest level in October so far. This price movement signifies a positive shift for the month, as Bitcoin’s monthly return finally turns green.
Exchange Liquidations Surge Amidst Bitcoin Rally
In the past 24 hours, Binance has emerged as the leading platform for liquidations, accounting for 42.48% of total losses. On Binance alone, approximately $77.33 million worth of positions were liquidated, with a majority of 54.23% being short positions. OKX followed closely with $58.71 million in liquidations, predominantly from short positions at 62.84%. Other exchanges such as HTX, Bybit, and CoinEx also experienced significant liquidations, with HTX notably having 87.81% of its $27.35 million liquidations from short positions.
More Liquidations Ahead?
The recent uptick in Bitcoin’s price rekindles discussions about a potential decline in the Uptober sentiment. This intriguing rally sets the stage for a possible surge in the latter half of October, reminiscent of September’s market trends. Should this momentum persist, we may witness further liquidations of short positions as traders rush to limit their losses. The subsequent reduction in selling pressure from exiting short sellers could potentially propel Bitcoin’s price even higher.
As Bitcoin remains above the $64,000 mark, the market landscape continues to evolve, leaving bearish traders in a precarious position. The ongoing dynamics underline the volatility inherent in the cryptocurrency market, highlighting both risks and opportunities for investors looking to navigate these turbulent waters.
