Quick Take
On Friday, Oct. 20, Bitcoin breached the $30,000 mark first time since August, edging within touching distance of its Year-to-Date (YTD) high in July at roughly $31,500. The resilience of the cryptocurrency was especially noteworthy, given the backdrop of prevailing geopolitical uncertainty, indicating a mystifying market behavior.
Over the weekend, Bitcoin consistently hovered around $30,000, a move primarily driven by a significant volume of liquidations. In the preceding 24 hours, liquidations exceeded $120 million, with short liquidations constituting approximately $85 million of that total. Notably, Bitcoin was responsible for nearly $23 million of these shorts.
Since Oct. 16, there has been a pronounced surge in daily short liquidations, reinforcing the notion of Bitcoin’s robustness in the face of market volatility.
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Source: https://cryptoslate.com/insights/bitcoin-skyrockets-beyond-30000-amid-massive-short-liquidations/