After a rise of 7.7% from the low price of $59,000 in just four days, Bitcoin has now breached $64,000. This sudden price jump After the sudden rally, data from Coinglass revealed a wave of significant liquidations. Bitcoin’s unexpected rally put short sellers in a difficult position. They had been expecting a drop, but it defied all expectations.
Notably, liquidation data from Coinglass In the past 24 hour, positions totaling over $182 Million have been closed across different exchanges.
Bitcoin Price Breaks Above $64,000 Again
Bitcoin broke through $64,000 during the morning hours of October 14th, breaking out from a range that had been very tight over the weekend. Bitcoin gained 2.53 percent in just 24 hours. Bitcoin rose to $64,500 within the past 24 hours. It is now at its highest price in October. The Bitcoin price is now above the open of the month. This means that the monthly return for October has finally turned green.
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However, the price movement wasn’t positive for all. The sudden increase in price has cost many traders who hold short positions, according to data displayed below. The bears that bet against a further decline have been hit by the continued rise of Bitcoin.
The $182,000,000 worth of liquidations across different exchanges was dominated by short positions. $115.76 millions came from these positions while $66.28 were long positions.
Binance, which accounted for 42.48% in the market’s total liquidations within the past 24 hour period, has been the leader of crypto exchanges. Binance was the only exchange where positions worth $77.33 millions were liquidated, and 54.23% of those positions were short. OKX is close behind with $58.71 in liquidations. A larger number of short positions (62.84%) were also involved.
HTX Bybit and CoinEx all saw large liquidations as well, but on a much smaller scale. HTX liquidated $27.35 millions, a whopping 87.81% being short positions. The next on the list was Bybit with $12.62 millions in liquidations. It had a 65.92% short rate. CoinEx finished third with $3.50million liquidated and 81.34% shorts.
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More Liquidations Ahead?
Bitcoin’s recent increase brings back the possibility A declining Uptober mood. This rally may set up a similar surge to September in the second part of October.
If this rally were to continue We could witness more short position liquidations in the following hours for the remainder of the month. Bears who bet against Bitcoin’s growth may hurry to close their position to minimize losses. A decrease in the selling pressure caused by short sellers leaving the market could further fuel Bitcoin’s ascent.
Featured image was created using Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com
