, 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
Bitcoin rises and bears suffer big losses
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.
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.
“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.
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.
These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.