Bitcoin Liquidates Over $1 Billion as BTC Price Hits 6-Week Highs

Bitcoin (BTC) hit its highest levels since mid-September on Oct. 26, as the BTC/USD pair approached the pivotal $21,000 mark.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bears lose big as Bitcoin rises

Data from Cointelegraph Markets Pro and TradingView showed the pair approaching $20,700 at the time of writing, up more than 7% in 24 hours.

What began as an assault on $20,000 continued on the day, with liquidations rising further after having sealed and the biggest short film erasure of 2022.

According to data from analytics resource Coinglass, Bitcoin alone accounted for $550 million in liquidations in the last 24 hours.

On October 25, $704 million in short cryptocurrency positions were liquidated, while on October 26, $275 million has been liquidated. Including long positions, the total exceeds one billion dollars.

Settlement graph. Source: Coinglass

November lows still on the table

Debating what the future might hold for BTC price action, some traders and analysts stuck to previous theories, arguing that last day’s gains had a literal structural impact.

“The fact that this pullback occurs before taking the latest high is a good sign,” said Il Capo of Crypto to his Twitter followers during the previous day’s movements:

“This week we will see the last push towards $21,000 in my opinion. Temporary pivots are Oct 27 and Nov 2 (interest rates). Potential bottom around mid-November. Key levels: $21,000 and $14,000” .

BTC/USD pair chart with key levels. Source: Il Capo of Crypto on Twitter

Commentator Credible Crypto also went on to predict that $14,000 would never come.

“Nothing I’ve said in the past has changed enough for me to do another video update a new all-time high is still expected in 2023, $14,000 (invalidation) still not expected to be met, still thought to we are doing the base before our biggest push. Now I just hope that the start of it is confirmed, ” summarized.

The last time the BTC/USD pair hovered around the local daily highs of $20,789 on Bitstamp was on September 13.

BTC/USD 1-day candlestick chart (Bitstamp). Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.

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