Crypto market experiences $118 million in liquidations, Bitcoin leads

From Investing.com
October 14, 2024 1:30:20 pm:

The cryptocurrency market experienced $118 million in liquidations within the past day, targeting bearish traders. Bitcoin led with over $68 million in liquidations. Short traders accounted for 88% of liquidations, mostly on Binance and HTX, signifying growing pressure on bears. Bitcoin’s rally past $62,000 may soon reach $64,500.

Bitcoin’s recent breakthrough suggests a potential climb to $68,000, but caution is advised in case of a pullback to $61,000. Open interest on Binance futures has significantly dropped, indicating a squeeze on bearish traders and liquidation of over-leveraged positions. Similar liquidation events have been observed for other assets like SUI and SOL.

A healthy shakeout of short positions has been evident in recent liquidations, hinting at a potential bullish momentum. Investors should monitor crucial resistance levels, especially $64,500 for Bitcoin, for potential market gains. With a clear breakthrough, substantial growth in the cryptocurrency market, particularly Bitcoin, might be achievable.

Read more at Investing.com: Crypto Bears Getting Destroyed By U.Today