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Reading: Bitcoin liquidates over $1 billion as price hits six-week highs
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Cryptocurrency

Bitcoin liquidates over $1 billion as price hits six-week highs

The value of Bitcoin (BTC) reached its highest levels since mid-September on October 26 as BTC/USD neared the crucial $21,000 ...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief October 26, 2022
Updated March 4, 2023 at 3:38 PM
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Bitcoin liquidates over $1 billion as price hits six-week highs
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Bitcoin liquidates over $1 billion as price hits six-week highs

The value of Bitcoin (BTC) reached its highest levels since mid-September on October 26 as BTC/USD neared the crucial $21,000 threshold.

In accordance with information from Cointelegraph Markets Pro and TradingView, the pair was approaching $20,700 at the time of writing, up more than 7% in a day.

After securing the biggest shorts obliteration of 2022, what started as an assault on $20,000 continued that day with liquidations growing further.

Bitcoin alone was responsible for $550 million in liquidations over the course of the last day, according to data from analytics portal Coinglass.

On October 25, cross-crypto shorts of $704 million were liquidated, with the total as of October 26 standing at $275 million. The sum exceeded $1 billion when long positions were included.

Discussing what the future could hold for BTC price action, some traders and analysts remained set on previous theories, arguing that the past day’s gains had literal structural impact.

“The fact that this retracement is happening before taking the last high is a good sign,” Il Capo of Crypto told Twitter followers during the prior day’s moves.

“In my opinion, we will see the last push up to 21k this week. Time pivots are October 27th and November 2nd (interest rates). Potential bottom about mid November. Key levels: 21k and 14k.”

Fellow commentator Credible Crypto likewise continued to predict that $14,000 would never arrive.

“Nothing I have said in past has changed enough for me to make another vid update- still expecting new ATH in 2023, still not expecting 14k to be met (invalidation), still think we are basing out before our major impulse. Now just waiting for confirmation of the start of it,” he summarized.

The last time that BTC/USD circled the day’s local highs of $20,789 on Bitstamp was on Sep. 13.

Tags: Cryptocurrency

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