Important points
The sudden rise in the price of Bitcoin to $66,000 coincided with a large inflow of USDT from whales. The price surge led to the liquidation of over $195 million in short positions.
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Bitcoin price rose 6% to around $66,000, showing bullish momentum by breaking above the important 200-day moving average of $63,350.
Bitcoin price chart (TradingView)
In the past 24 hours, whales moved a significant amount of USDT to Binance, potentially showing renewed interest in Bitcoin and driving the price higher.
While Bitcoin has been on the rise, the S&P 500 index has also hit a new all-time high, driven by the strong performance of Nvidia and others, but this is just 3% shy of its own all-time high.
The sharp rise in Bitcoin prices has caused massive liquidations across the cryptocurrency market. Traders who had bet on Bitcoin were caught off guard by the sudden price spike, and more than $195 million in short positions were liquidated, according to data from CoinGlass.
In total, more than 61,000 traders were liquidated, resulting in market-wide losses of more than $235 million. Bitcoin short sellers accounted for $88 million of these liquidations, as Bitcoin’s market power rose to over 58%.
Analysts are eyeing the $66,000 to $68,000 range as the next major resistance zone that Bitcoin must break to sustain its current rally.
While Bitcoin is leading the way, several meme coins are also continuing their upward momentum. In the past 24 hours, Solana posted a 7% gain, and several meme coins, including MOG, TURBO, and MOTHER, posted double-digit gains.
The next few weeks will be crucial for Bitcoin’s trajectory. The US elections are scheduled for November 5th, followed by the much-awaited Federal Reserve meeting on November 7th. These events are likely to impact market sentiment and may lead to increased volatility in both traditional and crypto markets.
At the time of writing, Polymarket polling data shows former President Trump leading the race with 54.9% of the vote, leading to uncertainty as market participants await the outcome of these pivotal events. Sexuality is on the rise.
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