Bitcoin Hits $28,000, Resulting in Over $100 Million Worth of Short Positions Liquidated
In the past 24 hours, Bitcoin (BTC) broke the $28,000 mark, causing significant losses for short-sellers. Over $100 million worth of short positions were liquidated during this period. This surge in price has put pressure on crypto bears and aligns with historical bullish patterns observed in October.
Losses from Liquidations
According to data from Coinglass, traders lost over $117.99 million to liquidations in the past 24 hours. While some long positions were liquidated as well, the majority of losses came from short positions. Within the last 12 hours alone, more than $84 million worth of short positions faced liquidation.
Price Surge and Altcoin Gains
Bitcoin’s sudden price uptick of nearly 5% brought it to $28,416. Ethereum (ETH) also experienced a 3.2% price increase within the past 24 hours. Among the top 20 cryptocurrencies, Solana (SOL) saw the highest 24-hour price gain, trading at $24.11 with an 11.48% increase. Additionally, Solana’s Total Value Locked (TVL) reached its highest point in 2023, totaling $337.49M.
October: A Bullish Month for Bitcoin
Historical data shows that October has often been a bullish month for Bitcoin. Since 2013, BTC has only given negative returns twice, in 2014 and 2018. This trend has led some members of the crypto community to refer to October as “Uptober,” highlighting the usual bullish price action during this month.
Hot Take: Uptober Continues to Favor Bitcoin Bulls
With Bitcoin surging above $28,000 and historical data supporting a bullish October, it seems that Uptober is in full swing for Bitcoin. Short-sellers have suffered significant losses due to liquidations, while altcoins like Solana have seen impressive price gains. As the month progresses, it will be interesting to see if Bitcoin can maintain its upward momentum and continue to defy bearish predictions.
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