Bitcoin liquidates over $1 billion as BTC price hits 6-week highs

Bitcoin (BTC) saw its highest levels since mid-September connected Oct. 26 arsenic BTC/USD approached the pivotal $21,000 mark.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Bears suffer large arsenic Bitcoin climbs

Data from Cointelegraph Markets Pro and TradingView showed the brace tackling $20,700 astatine the clip of writing, up implicit 7% successful 24 hours.

What began arsenic an assault connected $20,000 continued connected the day, liquidations mounting further aft already sealing the biggest shorts obliteration of 2022.

According to information from analytics assets Coinglass, Bitcoin unsocial accounted for $550 cardinal successful liquidations successful the past 24 hours.

$704 cardinal successful cross-crypto shorts were liquidated connected Oct. 25, with the Oct. 26 tally truthful acold lasting astatine $275 million. Including agelong positions, the full was implicit $1 billion.

Crypto liquidations chart. Source: Coinglass

November lows inactive connected the table

Discussing what the aboriginal could clasp for BTC terms action, immoderate traders and analysts remained acceptable connected erstwhile theories, arguing that the past day’s gains had literal structural impact.

Related: Analyst puts Bitcoin terms astatine $30K adjacent period with breakout due

“The information that this retracement is happening earlier taking the past precocious is simply a bully sign,” Il Capo of Crypto told Twitter followers during the anterior day’s moves.

“In my opinion, we volition spot the past propulsion up to 21k this week. Time pivots are October 27th and November 2nd (interest rates). Potential bottommost astir mid November. Key levels: 21k and 14k.”

BTC/USD annotated chart. Source: Il Capo of Crypto/ Twitter

Fellow commentator Credible Crypto likewise continued to foretell that $14,000 would ne'er arrive.

“Nothing I person said successful past has changed capable for maine to marque different vid update- inactive expecting caller ATH successful 2023, inactive not expecting 14k to beryllium met (invalidation), inactive deliberation we are basing retired earlier our large impulse. Now conscionable waiting for confirmation of the commencement of it,” helium summarized.

The past clip that BTC/USD circled the day’s section highs of $20,789 connected Bitstamp was connected Sep. 13.

BTC/USD 1-day candle illustration (Bitstamp). Source: TradingView

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.