In a dramatic move, Bitcoin has broken through $64,000 again after rising 7.7% from a low of $59,400 in four days. The sudden surge sent shockwaves through the cryptocurrency market, with data from Coinglass revealing a significant wave of liquidations following the unexpected rally. Short sellers, who had predicted a drop in prices, found themselves in a difficult position as Bitcoin defied their expectations.
Notably, liquidation data from Coinglass shows that over $182 million worth of positions were liquidated across various exchanges in the past 24 hours, the majority of which were short positions.
Bitcoin Price Surpasses $64,000 Again
Bitcoin surged above $64,000 early Monday morning, October 14, after breaking out of a tight range over the weekend and gaining 2.53% over the past 24 hours. Bitcoin reached a high of $64,500 in the past few hours, its highest level so far in October. As such, the Bitcoin price has now surpassed its opening price for the month, with Octoberâs monthly gains finally turning green for the first time.
However, the price action was not positive for everyone. As shown in the data below, the sudden surge took a toll on many traders holding short positions. Bears betting on a continued decline were hit hard as Bitcoin's continued rally triggered a wave of liquidations.
Of the $182 million in liquidations recorded across various exchanges, $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 all liquidations. On Binance alone, approximately $77.33 million worth of positions were wiped out, with 54.23% being short positions. OKX followed closely, with $58.71 million worth of liquidations, of which an even larger percentage of 62.84% were short positions.
HTX, Bybit, and CoinEx also saw significant liquidations, albeit on a smaller scale. HTX recorded $27.35 million in liquidations, of which 87.81% were short positions. Bybit came in second with $12.62 million in liquidations and a short ratio of 65.92%, while CoinEx was at the bottom of the list with $3.50 million liquidations, of which 81.34% were short positions.
Will there be more liquidations?
Bitcoin's recent price surge suggests that the Uptober sentiment is waning. This exciting rally could set the stage for a spike in the second half of October, similar to what was seen in September.
If this rally continues for the rest of the month, we could see a lot of short positions liquidated in the coming hours. Bears who have been betting against Bitcoinâs price increase will likely close their positions quickly to minimize their losses. The reduced selling pressure from short sellers exiting the market could further fuel Bitcoinâs price rally.
