In the last 24 hours, cryptocurrency liquidations worth $190 million were recorded as bitcoin (btc) failed to overcome the crucial $70,000 resistance level.
bitcoin remains range-bound, just below new ATH
According data According to CoinGlass, in the last 24 hours, more than 60,000 traders with positions worth more than $190 million were liquidated as btc fell from approximately $69,300 on October 21 to $66,940 at the time of this publication.
Interestingly, ethereum (eth) liquidations amounted to $46.2 million, almost matching btc liquidations of $47.7 million. They were followed by Solana (SOL), Dogecoin (DOGE), and Apecoin (APE), with liquidations of $9.2 million, $8.2 million, and $5.1 million, respectively.
Notably, almost 83% of liquidations (worth $159 million) were long positions, while 17% (worth $31 million) were short positions. Binance accounted for almost 44% of the total liquidations, followed by OKX with 33% and HTX with 12.4%.
The tilt towards long positions indicates that most traders expect btc to surpass its all-time high (ATH) of $73,737 soon. However, btc must first decisively overcome the strong resistance at $70,000 to record a new ATH.
According to Singapore-based cryptocurrency trading firm QCP Capital, a break above the $70,000 price level will likely attract retail attention. In a Telegram broadcast, the firm wrote:
However, without any major catalysts this week, we expect the cryptocurrencies to break above these levels as they attempt to rally higher. In terms of macroeconomic data, we will only have the PMI numbers on Thursday (October 24), when the market will look for some comfort if the Federal Reserve maintains its path of rate cuts.
crypto Analysts Predict New bitcoin ATH Soon
Although btc Has Not Yet Crossed $70,000, Several crypto Analysts Predict Leading Digital Asset It will soon record a new ATH.
For example, crypto analyst crypto Caesar explained on x that, during the weekly period, btc is trading within a multi-year ascending channel. According to the analyst, each corrective wave found support at a higher low. They added:
Currently, the price is completing the fourth corrective wave, holding near the strong support around $66,000. This zone aligns with previous resistance levels and now acts as a potential launch point. The anticipated fifth wave could push btc towards a new potential high, targeting levels around $100,000 if it breaks the overhead resistance near $72,000.
The analyst concluded that a decisive break above the current consolidation pattern and resistance could trigger a major btc rally.
Another crypto analyst, Ali Martínez, emphasized that the relationship between market value and realized value (MVRV) has finally changed. bullish.
For those unfamiliar, the MVRV index calculates the market capitalization of btc divided by its realized capitalization – the value at which it was last traded. This ratio helps evaluate whether btc is overvalued or undervalued relative to its recent trading activity.
The chart below shows that considerable gains in the price of btc have generally accompanied a bullish move in the MVRV ratio.
Despite the optimism, Google searches for bitcoin-related keywords have recently plummetedindicating lukewarm retail interest in the asset. btc is trading at $66,940 at press time, down 0.2% in the last 24 hours.
Featured image from Unsplash.com, x charts and TradingView.com
