Bitcoin price hits 6 week highs of

, causing Bitcoin to liquidate more than $1 billion

Bitcoin ( BTC), which reached the crucial $21,000 mark on October 26th, saw its highest level since mid-September, when it surpassed its previous high of $20,000

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Bitcoin rises and bears suffer big losses

Data from Cointelegraph Markets Pro, TradingView indicated that the pair was able to tackle $20,700 at the time this article was written. This is an increase of over 7% in just 24 hours.

The attack on $20,000 was just the beginning. Liquidations continued to mount after sealing one of the largest shortfalls in 2022.

Bitcoin liquidations totalled $550 million, according to data from the analytics resource Coinglass.

Cross-crypto shorts worth $704 million were liquidated Oct. 25, with the total Oct. 26 at $275 millions. The total reached $1 billion if you include long positions.

Crypto liquidations chart. Source: Coinglass

November lows are still possible

Some traders and analysts were unsure what the future might hold for BTC price actions. They argued that the gains of the previous day had a literal structural effect.

Similar: Analyst places Bitcoin price at $30K next Month with breakout due

“The fact this retracement occurs before taking the highest is a good indicator,” Il Capo of Crypto stated to Twitter users during the previous day’s moves.

“I believe we will see the last push to 21k this week. The time pivots for interest rates are October 27th (time) and November 2nd (2/11). Potent bottom around mid-November. Key levels: 21k, 14k.

BTC/USD annotated chart. Source: Il Capo of Crypto/ Twitter

Credible Crypto, a fellow commentator, also predicted that $14,000 would never come.

“Nothing that I have ever said in the past has changed enough for my to make another video update- still expecting new AHT in 2023, still not expecting to meet 14k (invalidation), but still believe we are basing our decision before our major impulse. He summarized.

Sep. 13 was the last time BTC/USD reached its local highs at $20,789 on Bitstamp.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

These views and opinions are the author’s and do not necessarily reflect those of You should do your research before making any investment or trading decision.

Opinion writer on 7trade7