Home » Bitcoin price reaches $21K as crypto market cap nears $1T

Bitcoin price reaches $21K as crypto market cap nears $1T

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Bitcoin (Bitcoin) returned to $21,000 for the first time since September as buyers solidified their gains after Wall Street opened on Oct. 26.

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

BTC Bulls “Eat” Liquidity

data from Cointelegraph Market Pro When TradingView It followed BTC/USD as it hit a local high of $21,012 on Bitstamp.

At the time of writing, the pair continued to explore unreachable territory 6 weeks or more.

In the last 24 hours, the liquidation also continued to flow deliver According to Coinglass data, $750 million of positions were liquidated in Bitcoin alone.

Croscript liquidations totaled $1.43 billion, adding to the 2022 record so far.

Crypto Liquidation Charts. Source: Coinglass

The impetus didn’t come from US stocks that day as Bitcoin caught up while reducing overall risk asset correlation.

Instead, the spotlight was on gold, which also saw a rally of relief as the US dollar struggled. The US Dollar Index (DXY) has hit its lowest level since Sept. 20.

US Dollar Index (DXY) 1-day candlestick chart.Source: Trading View

Tracking the orderbook of Material Indicators, the analytics platform of Binance, the world’s largest exchange, has shown that ask is becoming more liquid.

“Massive ask liquidity has been consumed and some replenished in the last 24 hours, but BTC bulls have no doubt helped when the bid and ask liquidity blocks corrected upwards.” I have written Part of a Twitter update.

BTC/USD order book data. Source: Material Indicators/Twitter

$21,000 formed an important level for some analysts. Among them is Crypto’s Il Capo. previously predicted At that point the market retreats and retargets the macro lows.

Fellow trader and analyst Rekt Capital pointed out that Bitcoin is not out of the woods yet when it falls from all-time highs.

“At normal scale, BTC is breaking a year-long downtrend,” he said. murmured along with a comparison chart.

“On a logarithmic scale, however, the year-long downtrend is still far from being tested.”

BTC/USD annotated log chart. Source: Rekt Capital/Twitter

Focus on Milestones Where Crypto Market Capitalization Matters

Beyond Bitcoin, there was good news for the cryptocurrency market in general.

Related: Why Is The Crypto Market Rising Today?

Losing significant value over the course of a year, the overall cryptocurrency market cap fell within 5% of the $1 trillion mark on that day.

“Today, cryptocurrency market capitalization is up 2.5%,” said David Gokhstein, founder of Gokhstein Media. reactednoted the euphoria among market participants.

Crypto Market Cap 1 Day Candle Chart.Source: Trading View

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