The price of Bitcoin reached its highest point so far in October, surging above $64,000 early on Oct. 14 and liquidating more than $52 million in bets from investors who had bet its price would fall.
Crypto derivatives traders who bet that the cryptocurrency market would fall were liquidated more than $100 million in the past day as the price of Bitcoin soared.
In early trading on Monday, October 14, the Bitcoin price surpassed $64,000, up 2.1% over the past 24 hours and breaking out of the tight range-bound trading seen over the weekend.
TradingView shows that BTC prices hit a peak of $64,173, the highest level so far in October, and rebounded to the lowest level since September 30.
More than $101.4 million in short positions have been liquidated across the cryptocurrency market due to the sudden movement in Bitcoin’s price.
In total, 54,649 traders were liquidated, with losses exceeding $166 million, with Bitcoin short positions accounting for $52.33 million of the final day’s total, followed by Ethereum shorts worth $27.26 million.
Bitcoin’s big move also pushed its market share back up to over 58%, close to its highest level since April 2021.
Analysts have been speculating when the so-called “Uptober” will begin, as historically, BTC has seen positive returns in October in nine of the past 11 years.
On Oct. 14, Bitcoin enthusiast Kyle Chassé told his 219,000 followers on X that “the tide is changing” and that we are entering one of the most “exciting phases” in the market.
He added: “The next big rally is not just a possibility, it’s a reality waiting to unfold.”
“Pray for the bears,” echoed on-chain analyst James Check.
Meanwhile, Ethereum has recovered towards $2,500, gaining 2.9% in the past 24 hours to a two-week high of $2,540.
Crypto altcoins have also been mostly trending higher over the past day, with Solana up 4.4% over the past 24 hours.
Large-cap altcoins including BNB (Binance Coin), Ripple and Dogecoin are up less than 1% on the day.
The article is for reference only and does not constitute investment advice.
