Bitcoin Surges Amidst Market Rally, Short Liquidation Crosses $100M

• Following a range-bound weekend, Bitcoin reached $66,000 today.
• According to statistics, approximately $101.4 million in short positions were liquidated.

On the last day, when the price of Bitcoin rose, crypto derivatives traders who had bet on a decline in the market were liquidated for almost $100 million. Following a range-bound weekend, Bitcoin reached $66,000 today, gaining 5.73% on the previous day.

Bitcoin’s price returned to levels not seen since a long time. Reaching a high of $66,178 according to data from CMC, the highest level it has achieved so far in October. According to statistics from CoinGlass, approximately $101.4 million in short positions were liquidated throughout the crypto market due to Bitcoin’s quick price surge.

Uptober Begins?

Over $166 million was liquidated from 54,649 traders. On the past day, $52.33 million was accounted for by Bitcoin shorts. And $27.26 million was accounted for by Ether shorts. TradingView reports that Bitcoin’s market domination is near its greatest point since April 2021. When it surpassed 58%, thanks to its recent huge surge.

In nine out of the last eleven years, October has shown positive returns for BTC, therefore analysts have hypothesized when the so-called “Uptober” might start. We are entering one of the most exciting stages in the market, according to Bitcoiner Kyle Chassé, who addressed his 219,000 followers on X on October 14th.

Ether, meanwhile, recovered above $2,600, after a 7.76% increase in the last day. Altcoins have also been trending upwards over the previous day, with Solana seeing a 7.56% increase in value.

According to CoinShares, $407 million has been put into global crypto funds last week by asset heavyweights including BlackRock, Bitwise, Fidelity, Grayscale, and ProShares. After losing $147 million the week before, this was a dramatic turnaround.

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