Bitcoin (BTC) began to fall significantly at 11 pm on the 13th, falling as low as $62,050, but then quickly rebounded in a V-shape to above $63,000 and fluctuated around $62,500.
By 11 a.m. this morning, Bitcoin had risen sharply from $62,600 to $64,500, setting a new high for the month. Currently, the price has climbed to $64,867.
On the other hand, Ethereum (ETH) also rose rapidly at 11 o'clock this morning, rising from $2,450 to a high of $2,548, setting a new high since October 1. Although it fell back slightly afterwards, it is still quoted at $2,522, up 2.4% in the past 24 hours.
ETH Binance Spot Price
If it exceeds $65,000, it will trigger a large liquidation
Augustine Fan, director of insights at SOFA.org, pointed out that China's stock market rebounded during trading on Monday, shaking off the pessimism of last weekend, indicating that market sentiment is still in a "buy everything" mode, driving the rise of Bitcoin. The strong inflow of funds into Bitcoin last Friday may also be a positive sign. However, with the US presidential election approaching on November 5, the market's wait-and-see sentiment remains. Bitcoin may need to wait patiently to set new highs.
It was previously expected that Bitcoin would need to break through the key resistance level of $69,000 to be considered a bullish signal and move further towards the target of $100,000.
It is worth noting that Coinglass data shows that if Bitcoin breaks through $65,000, the cumulative short order liquidation strength of mainstream centralized exchanges will reach $396 million; and if Bitcoin falls below $63,000, the cumulative long order liquidation strength of mainstream centralized exchanges will reach $749 million. Therefore, the next trend deserves close attention.
The Liquidation Map provides a visualization of trader liquidations in the futures crypto market. The map predicts upcoming liquidations based on previous price action. When a small cluster of positions are liquidated, the impact on the market is small, but if thousands of positions are liquidated at close proximity to each other, these orders being liquidated at the same time will have a huge impact on market prices.
It is important to note that the liquidation chart does not show the exact number of contracts to be liquidated or the exact value of the contracts being liquidated. The columns on the liquidation chart show the importance, or strength, of each liquidation cluster relative to its neighboring liquidation clusters.
Therefore, the liquidation chart shows how the underlying price will be affected when it reaches a certain price level. A higher liquidation cylinder means that when the price reaches that point, it will react more strongly to the liquidity wave.
$100 million worth of positions were liquidated across the network in the past 24 hours
At a time when Bitcoin is experiencing significant fluctuations, according to Coinglass data, in the past 24 hours, the entire cryptocurrency network has liquidated more than $167 million, of which longs accounted for $65.16 million and shorts accounted for $102 million. More than 54,500 people were liquidated. However, overall, the liquidation data is not too large, so greater fluctuations are still possible.
