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In a dramatic turn of events, Bitcoin price crossed the $64,000 threshold again after a 7.7% increase from a four-day low of $59,400. This sudden rise in prices sent shockwaves through the crypto market, with data from Coinglass revealing a significant wave of liquidations following the unexpected rally. Short sellers, who were expecting a decline, found themselves in a tough spot as Bitcoin defied their expectations.
Notably, Coinglass liquidation data shows that more than $182 million in positions have been liquidated on various exchanges in the past 24 hours, with the majority being short positions.
Bitcoin price exceeds $64,000 again
Bitcoin surpassed $64,000 in the early hours of Monday, October 14, after breaking out of a narrow range over the weekend and gaining 2.53% over the past 24 hours. Bitcoin hit $64,500 in the past few hours, marking its highest level so far in October. As such, Bitcoin price has now surpassed its open for the month, with October’s monthly yield finally turning green for the first time.
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However, the price development has not been so positive for everyone. According to the data shown in the image below, the sudden rise was costly for many traders holding short positions. Bears betting on a continued decline were hit hard as Bitcoin’s continued rally sparked a wave of liquidations.
Of the $182 million in liquidations recorded across various exchanges, a staggering $115.76 million came from short positions, while $66.28 million came from long positions.
Binance led the crypto exchange market in liquidations over the past 24 hours, accounting for 42.48% of total liquidations. On Binance alone, approximately $77.33 million worth of positions were wiped, of which 54.23% were short positions. OKX follows closely, with $58.71 million in liquidations, of which an even higher percentage of 62.84% were short positions.
HTX, Bybit, and CoinEx also experienced significant liquidations, albeit on a smaller scale. HTX saw $27.35 million in liquidations, 87.81% of which were short positions. Bybit comes next with $12.62 million in liquidations and a short rate of 65.92%, while CoinEx rounds out the list with $3.50 million liquidated, 81.34% of which came from short sales.
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Other liquidations to come?
The recent rise of Bitcoin brings back the possibility of a declining Uptober feeling. This interesting rally could pave the way for a surge in the second half of October, similar to that seen in September.
If this gathering were to continue For the rest of the month, we could see more short positions liquidated in the coming hours. Bears, who are betting against Bitcoin rising, may rush to close their positions to minimize losses. The reduction in selling pressure from short sellers leaving the market could further fuel Bitcoin’s rise.
Featured image created with Dall.E, chart from Tradingview.com
