Home » Bitcoin price crosses $20K as daily crypto short liquidations pass $400M

Bitcoin price crosses $20K as daily crypto short liquidations pass $400M

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Bitcoin (Bitcoin) crossed $20,000 on October 25, as risk assets benefited from renewed USD weakness.

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

Bitcoin hits 3-week high

data from Cointelegraph Market Pro When TradingView It shows that BTC/USD hit a new high of $20,191 on Bitstamp.

The move came in tandem with the rally in US stocks. weak dollarlost traction against the currencies of its major trading partners on the day.

This took Bitcoin above $20,000 for the first time since October 7.

“The volatility finally kicks in,” said Michael van de Poppe, founder and CEO of trading firm Eight. reacted.

“Bitcoin is ready for bailout. Long and strong.”

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

Meanwhile, Crypto trader and analyst Il Capo with flag BTC has outperformed altcoins in terms of profits, although the end is still in sight.

‘I have the fuel to keep going,’ he said murmured.

Data from monitor resource coin glass Meanwhile, the market showed the extent of the shortage for the day.

Bitcoin short position liquidations surpassed $165 million in a single day, a multi-month high, and the tally is still rising at the time of writing.

Croscript short liquidations surpassed $400 million.

Crypto Liquidation Charts. Source: Coinglass

Dollar puts up a fight after rapid losses

Following the action, the analytics service’s Material Indicators tracked changes in support and resistance in Binance’s orderbook.

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

The $20,000 zone was marked by a series of sell orders totaling over $110 million, allowing the bulls to make a sizeable dent in the impulse.

“FireCharts show that the remaining $83 million of the $112 million BTC sell wall we saw this morning has just moved up.” Confirmed Along with a chart showing a heatmap of trading.

BTC/USD order book data (Binance) chart. Source: Material Indicators/ Twitter

However, in a potential blow to the crypto, the US Dollar Index (DXY) is showing signs of picking up daily losses at the time of writing, trying to grab 111 as support.

Justin Bennett, Founder of Crypto Education Platform Crypto Academy commented.

A 1-hour candlestick chart of the US Dollar Index (DXY).Source: Trading View

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