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In the past 24 hours, Bitcoin saw a significant price increase, reaching $64,890 at the time of writing. This surge, up from the previous low of $62,849, has caused a wave of activity in the crypto market. According to Coinglass, a total of $193.63 million in liquidations occurred during this time, hitting short positions the hardest, as many investors were caught off guard by the sudden price spike.
Liquidation Peaks Amid Bitcoin Rally
Over the past day, 57,624 traders were forced to liquidate their positions. The largest single liquidation occurred on OKX, with a BTC-USDT-SWAP transaction worth $9.59 million. In total, short positions accounted for $128.04 million in liquidations, while long positions faced a lesser impact with $65.65 million.
In the last hour alone, $10.99 million worth of positions were liquidated, with $10.59 million coming from short positions and only $396,390 from long positions. Similarly, in the last four-hour period, liquidations totaled $32.38 million, the majority being from short positions ($28.47 million), while long positions accounted for $3.91 million.
While Bitcoin led the liquidations, Ethereum was the second most impacted, with a total of $39.05 million in liquidations. Bitcoin’s sudden price increase put immense pressure on short holders, who had previously dominated the market. Now, after a week of long positions being liquidated to the tune of $144 million, short sellers are also feeling the sting.
Is a Bull Market on the Horizon?
As Bitcoin’s price continues to climb, market analysts are closely monitoring the situation. Following the release of the U.S. Consumer Price Index (CPI) report on October 10, Bitcoin price saw a sharp 10% rise. CryptoQuant CEO Ki Young Ju commented that this price surge signals a major shift in market sentiment. According to him, various market indicators suggest that Bitcoin could be entering a bull market.
#Bitcoin buy walls on all exchanges are now strong enough to neutralize sell walls. pic.twitter.com/GOgHBt4MiC
— Ki Young Ju (@ki_young_ju) October 14, 2024
He explained that from 2020 to 2022, sell walls consistently overpowered buy walls, but for the first time since May 2021, Bitcoin’s buy walls have started to balance out the sell pressure. This is a strong indication that the market could be on the verge of a new bullish phase.
Currently, Bitcoin’s buy and sell volumes are balanced, and if buying interest continues, a new rally may be on the horizon. The strengthening of the buy wall is seen as a crucial factor supporting the market’s upward momentum. However, the ability to break through short-term resistance levels and profit-taking among traders will determine whether this uptrend continues.
As the crypto world watches closely, the next moves in Bitcoin’s price could signal the beginning of a major shift in the market. Stay tuned to Turkish NY Radio for updates on the latest developments.
