Bitcoin surged dramatically in 24 hours, triggering liquidations of long positions, price hovering around $62,000.

From Investing.com
October 6, 2024 3:30:19 pm:

Over the past 24 hours, Bitcoin (BTC) saw over $4.82 million in liquidations in the perpetual futures market, with 78% coming from long positions, possibly due to bullish investors anticipating a price spike.

Bitcoin briefly rose above $62,000 before encountering a series of red candlesticks, resulting in a cascade of long liquidations. The price is now hovering around $62,000, with $53,000 and $66,000 being key levels to watch.

Bulls and bears are in a tug-of-war over Bitcoin, with traders awaiting a potential new all-time high. Despite recent price action favoring bulls, they must first defend a weekly close above $60,700 and reach $66,000 per BTC to secure further gains.

Read more at Investing.com: Bitcoin Rockets 354% in 24 Hours in Epic Liquidation Imbalance By U.Today