Crypto short liquidations breach $100M when Bitcoin reclaims $64,000
Crypto Derivatives Traders Are Falling In The Crypto Market Over $100 Million Has Flown Over The Last Day As The Price Of Bitcoin Soared.
At the beginning of October 14, Bitcoin (BTC) rose above $ 64,000, having gained 2.1% in the last 24 hours, from a narrow range-bound weekend.
TradingView shows that BTC has risen to $64,173, the highest level reached in October, before returning to highs not seen since September 30.
For the first time this month, Bitcoin reached above $64,000. Source: TradingView
More than $101.4 million in short positions have been released on the crypto market due to Bitcoin's sudden price movement, according to data from CoinGlass.
A total of 54,649 traders spent more than $166 million, with a final day total of $52.33 million in Bitcoin shorts, followed by Ether (ETH) shorts at $27.26 million.
More than half of all short liquidators in the last 24 hours were Bitcoin short sellers. Source: CoinGlass
According to TradingView, Bitcoin's big move has returned its market dominance to over 58%, which is close to its highest since April 2021.
Analysts have speculated when the so-called “Uptober” will begin, since nine of the last 11 years have seen positive returns for BTC.
“The tide is turning,” and we're entering one of those “exciting market phases,” Bitcoiner Kyle Chase told his 219,000 followers on X on Oct. 14.
“The next big rally isn't just a possibility — it's a reality waiting to be seen,” he added.
“Pray for the bears,” said Onchain analyst James Check.
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Meanwhile, Ether regained $2,500 after hitting a two-week high of $2,540 following a 2.9% gain in the last 24 hours.
Crypto altcoins were also mainly in the green in the last day, with Solana (SOL) up 4.4% in the last 24 hours.
Large-cap altcoins, including BNB (BNB), XRP (XRP) and Dogecoin (DOGE), had muted gains of less than 1% on the day.
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