HomeBitcoinBTC price reaches 6-week highs as over $1 billion in Bitcoin trades.

BTC price reaches 6-week highs as over $1 billion in Bitcoin trades.

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As Bitcoin returns to levels not seen since September, the number of “rekt” traders keeps growing.

On October 26, as BTC/USD neared the crucial $21,000 milestone, Bitcoin (BTC tickers down $20,804) reached its highest levels since mid-September.

source TradingView

Bears suffer severe losses as Bitcoin rises

According to TradingView data, the pair had reached $20,700 at the time of writing, an increase of nearly 7% in a day.

Assaults on $20,000 continued throughout the day, with liquidations increasing after already clinching the greatest shorts obliteration of 2022.

Data from monitoring tool Coinglass shows that in the last day, liquidations of Bitcoin alone totaled $550 million. On October 25, cross-crypto short positions worth $704 million were settled.The total as of today is $275 million. The total, including long positions, exceeded $1 billion.

source : Coinglass

 

November lows are still a possibility.
Some traders and analysts stuck to their earlier views when discussing what the BTC price action would look like in the future, claiming that the gains from the previous day had a real structural influence.

Il Capo of Crypto addressed Twitter followers during the previous day’s moves: “The fact that this retracement is happening before taking the last high is a favorable indicator.”

“In my opinion, we will see the last push up to 21k this week. Time pivots are October 27th and November 2nd (interest rates). Potential bottom about mid November. Key levels: 21k and 14k.”

Source: Il Capo of Crypto/ Twitter

The same fellow pundit Credible Crypto kept saying that $14,000 will never materialize.

“Nothing I have mentioned in the past has altered sufficiently for me to do another video update. I still believe we are base out before our major impulse, still anticipate a new ATH in 2023, and I still do not anticipate 14k to be met (invalidation).

Just awaiting assurance that it will begin now,” he concluded.

On September 13, BTC/USD reached a daily high of $20,789 on Bitstamp for the last time.

The author’s thoughts and opinions alone are conveyed in this article. Every investment and trading action carries risk, therefore before making a choice, you should do your own study.

Source: TradingView

 

 

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