The major cryptocurrency is surging again, surging another 2.5 grand in the past hour or so to hit a multi-month high of about $68,000.
This has increased speculation that the asset may finally have materialized, based on previous assumptions that October would be a very bullish month.
CryptoPotato reported today that the largest digital asset soared to a then three-week high of $66,500, marking an impressive rally.
After a slight stagnation and a brief correction, the bulls appear to have regained control as the asset broke through the $66,500 resistance level and surged to $67,950 (on Bitstamp) a few minutes ago.
This was the highest price since late July, when it was actually rejected at the coveted $70,000 level. Today’s surge comes as a growing number of analysts predict that an actual bull market for the asset is just beginning.
Bitcoin/price/charts 15.10.2024. Source: TradingView
Notably, the major cryptocurrency was below $58,000 last Thursday, but has since risen nearly 10 grand in less than a week.
With most large and small alt stocks posting impressive gains in the past 24 hours, it’s no wonder over-leveraged short traders are suffering the most.
According to data from CoinGlass, more than $260 million was liquidated in the past 24 hours alone, with short positions accounting for the bulk at $170 million.
In fact, $65 million was destroyed in the past hour alone, with BTC accounting for almost half of that.
Cryptocurrency liquidation. Source: CoinGlass Special Offer (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 on Binance (details).
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