Home » Bitcoin liquidates over $1 billion as BTC price hits 6-week highs

Bitcoin liquidates over $1 billion as BTC price hits 6-week highs

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Bitcoin (Bitcoin) hit its highest level since mid-September on Oct. 26 as BTC/USD approached the crucial $21,000 mark.

BTC/USD 1 hour candlestick chart (Bitstamp).Source: Trading View

Bears lose big as Bitcoin rises

data from Cointelegraph Market Pro When TradingView It shows the pair tackling $20,700 at the time of writing, up more than 7% in a 24-hour period.

that started as Attack on $20,000 Following the day, there are more liquidations after already sealing maximum Shorts annihilated in 2022.

According to data from Analytical Resources coin glassBitcoin alone has liquidated $550 million in the last 24 hours.

A $704 million Croscript short liquidated on Oct. 25, with a tally of $275 million so far on Oct. 26. Including long positions, his total was over $1 billion.

Crypto Liquidation Charts. Source: Coinglass

November lows are still on the table

In debating what the future holds for BTC’s price action, some traders and analysts remained clinging to previous theories, arguing that the previous day’s gains literally had a structural impact.

Related: Analysts set Bitcoin price at $30,000 next month, breakout slated

“The fact that this retracement is happening before the last high is a good sign,” said Crypto’s Il Capo. Said Traveling Twitter followers for the previous day.

“In my opinion, we will see a final push to 21k this week. Timeframes are Oct 27 and Nov 2 (rates). Bottom around mid-November. Key levels: 21k and 14k .”

BTC/USD annotated chart. Source: Il Capo on Crypto/Twitter

Fellow commentator Credible Crypto similarly continued to predict that $14,000 would never arrive.

“What I’ve said in the past is not enough changes to make another video update expect a new ATH in 2023 and don’t expect 14k to be filled (disabled) yet We are now waiting for confirmation of its launch,” he said. wrap up.

The last time BTC/USD hit a local high of $20,789 on Bitstamp was September 13th.

BTC/USD 1-day candlestick chart (Bitstamp).Source: Trading View

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