Over $182 Million Wiped Out As Bitcoin Price Breaks $64,000 And Sends Bears To The Gallows
14 Outubro 2024 - 11:00AM
NEWSBTC
In a dramatic turn of events, the Bitcoin price has breached the
$64,000 threshold again after a 7.7% increase from a low of $59,400
in four days. This sudden price jump has sent shockwaves through
the crypto market, with data from Coinglass revealing a significant
wave of liquidations following the unexpected rally. Short sellers,
who were anticipating a decline, found themselves in a tough spot
as Bitcoin defied their expectations. Notably, liquidation data
from Coinglass shows that over $182 million worth of positions have
been liquidated across various exchanges in the past 24 hours, with
a majority being short positions. Bitcoin Price Breaks Above
$64,000 Again Bitcoin rose above $64,000 in the early hours of
Monday, October 14, after breaking above a tight range over the
weekend and gaining 2.53% in the past 24 hours. Bitcoin reached as
high as $64,500 in the past few hours, which is its highest point
so far in October. As such, the Bitcoin price has now crossed above
its open for the month, with the October monthly return finally
turning green for the first time. Related Reading:
Whales Accumulate 40 Million XRP In 48 Hours – Where’s The Price
Headed? The price action, however, wasn’t as positive for everyone.
According to the data shown in the picture below, the sudden rise
has been costly for many traders holding short positions. Bears who
bet on a continued decline were hit hard as Bitcoin’s continued
rally triggered a wave of liquidations. Of the $182 million
worth of liquidations recorded across various exchanges, a
staggering $115.76 million came from short positions, while $66.28
million were from long positions. Binance has led the crypto
exchange market in liquidations over the past 24 hours, accounting
for 42.48% of the total liquidations. On Binance alone,
approximately $77.33 million worth of positions were wiped out,
with 54.23% being short positions. OKX follows closely, with $58.71
million in liquidations, where an even larger percentage of 62.84%
were short positions. HTX, Bybit, and CoinEx also saw significant
liquidations, though on a smaller scale. HTX recorded $27.35
million in liquidations, a staggering 87.81% of which were short
positions. Bybit came next 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 was from shorts. Related
Reading: SUI Eyes Bullish Breakout As Crypto Traders Go Long Above
$2 – What’s Next? More Liquidations Ahead? Bitcoin’s recent uptick
brings back the possibility of a declining Uptober sentiment. This
interesting rally could set the stage for a surge in the second
half of October, similar to what was witnessed in September.
If this rally were to continue for the rest of the month, we could
see more short positions liquidated in the next few hours. Bears,
who have been betting against Bitcoin’s rise, may rush to close
their positions to minimize losses. The decrease in selling
pressure from short sellers exiting the market could further fuel
Bitcoin’s ascent. Featured image created with Dall.E, chart from
Tradingview.com
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