This article is also available in Spanish.
In a dramatic turn of events, bitcoin price has again breached the $64,000 threshold after a 7.7% rise from a four-day low of $59,400. This sudden price jump has sent shockwaves through the cryptocurrency market, with data from Coinglass revealing a significant wave of liquidations following the unexpected rally. Short sellers, anticipating a decline, found themselves in a difficult situation when bitcoin defied their expectations.
Notably, Coinglass settlement data shows that more than $182 million worth of positions have been liquidated on various exchanges in the last 24 hours, the majority of which are short positions.
bitcoin Price Breaks Above $64,000 Again
bitcoin rose above $64,000 in the early hours of Monday, October 14, after breaking out of a tight range over the weekend and gaining 2.53% in the last 24 hours. bitcoin reached $64,500 in the last few hours, which is its highest point so far in October. As such, bitcoin price has now surpassed its opening for the month, with October's monthly performance finally turning green for the first time.
Related reading
However, the price action was not so positive for everyone. According to the data shown in the image below, the surge has proven costly for many traders holding short positions. Bears betting on a continued decline were hit hard as bitcoin's continued rally triggered a wave of sell-offs.
Of the $182 million in liquidations recorded on various exchanges, a staggering $115.76 million came from short positions, while $66.28 million came from long positions.
Binance has led the cryptocurrency exchange market in liquidations over the last 24 hours, accounting for 42.48% of total liquidations. On Binance alone, approximately $77.33 million worth of positions were eliminated, of which 54.23% were short positions. OKX followed closely, with $58.71 million in liquidations, where an even higher percentage of 62.84% were short positions.
HTX, Bybit and CoinEx also experienced major liquidations, although on a smaller scale. HTX recorded $27.35 million in liquidations, of which a staggering 87.81% were short positions. Bybit followed with $12.62 million in liquidations and a short rate of 65.92%, while CoinEx rounded out the list with $3.50 million liquidated, 81.34% of which came from short positions.
Related reading
More liquidations ahead?
bitcoin's recent rally brings back the possibility of a declining Uptober sentiment. This interesting rebound could pave the way for an increase in the second half of October, similar to that observed in September.
If this rally continues For the rest of the month, we could see more short positions liquidated in the coming hours. The bears, who have been betting against the rise of bitcoin, may rush to close their positions to minimize losses. Decreased selling pressure from short sellers exiting the market. could further fuel bitcoin's rise.
Featured image created with Dall.E, chart from Tradingview.com
