In the Asian market on Tuesday (October 24), BTC quickly broke through the key level of $34,000, causing short positions to suddenly explode, with a total of more than $350 million in a single day worldwide. According to Bloomberg's ETF analyst Eric Balchunas, the iShares $ spot ETF under asset management giant BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC) with the G-ticket code IBTC.
At around 6:30 am Beijing time on Tuesday, the price of BTC suddenly soared from about $32,000 to more than $2,000. The BNB BTC spot data once reached $34,741, an increase of nearly 10% in 24 hours. At the same time, the BTC futures market fluctuated more violently, affected by the liquidation of a large number of short positions, and the highest price once reached 35,918z$.
The price of ETH also rose to around $1,800 in roughly the same time, up about 6% in 24 hours.
The crypto market suddenly experienced a round of sharp fluctuations, resulting in the liquidation of up to 84,482 investors in the past 24 hours. The total liquidation of BTC exceeded $190 million, the total liquidation of ETH exceeded $51.2 million, and the total liquidation of the entire network exceeded $350 million. Among them, the liquidation loss of short positions reached $275 million, which was the heaviest loss.
There have been various speculations in the crypto community about the reasons for the sharp rise in BTC prices, and many people believe that it is related to the positive news of BTC spot ETFs. Eric Balchunas said on Twitter: "BlackRock has either received a signal of listing approval from the SEC or is just preparing. We still believe that multiple ETF issuers may be approved at the same time."
Given the fake news previously published by CoinTelegraph, it is currently unclear whether the BlackRock ETF has actually been approved by the SEC, especially since Party G did not provide any information. But what is certain is that funds in the market have been flowing into the BTC market recently.
According to the latest data released by Bitcoin News this morning, the BTCETF fund attracted an inflow of up to $43 million today, accounting for 10% of the total inflow so far this year. This suggests that the "smart money" in the market may have noticed some clues.
BTC Technical Analysis
CMTrade noted that BTC's RSI (Relative Strength Index) is trading above 70, which could indicate that the price is either in a continued uptrend or simply overbought, so a correction could be in the offing. In this case, it is necessary to look for possible bearish divergence signals. The MACD indicator is positive and above its signal line, showing a positive configuration.
The BTC price is currently above the 20 and 50 period moving averages, which are at $28,527 and $27,341 respectively. Finally, the BTC/USD pair is trading at the upper Bollinger Bands, which is currently at $32,221.
“Our key support lies at $30,570 and as long as this level holds, the upside momentum will prevail. Alternatively, if the price breaks below $30,570, we will look for support at $27,370 and $25,460,” CMTrade concluded.
