In the last 24 hours, $190 million worth of cryptocurrency liquidations were recorded as Bitcoin (BTC) failed to break the crucial $70,000 resistance level.
Bitcoin is still range bound, just shy of the new ATH
according to Data From CoinGlass, In the past 24 hours, more than 60,000 traders with positions worth more than $190 million were liquidated as Bitcoin fell from around $69,300 on October 21 to $66,940 at press time.
Interestingly, Ethereum (ETH) liquidations reached $46.2 million, which is roughly equivalent to Bitcoin liquidations of $47.7 million. It was followed by Solana (SOL), Dogecoin (DOGE), and Apecoin (APE), liquidating $9.2 million, $8.2 million, and $5.1 million, respectively.
It is worth noting that approximately 83% of liquidations – worth $159 million – were long positions, while 17% – worth $31 million – were short positions. Binance accounted for approximately 44% of the total liquidations, followed by OKX at 33% and HTX at 12.4%.
The tilt toward long positions suggests that most traders expect BTC to break its all-time high (ATH) of $73,737 soon. However, BTC must first decisively overcome the strong resistance at $70,000 to post a new ATH.
According to Singapore-based cryptocurrency trading firm QCP Capital, a break above the $70,000 price level is likely to attract retail attention. The company wrote in a broadcast on Telegram:
However, with no major catalysts this week, we expect cryptocurrencies to decline around these levels as they attempt to rally. In terms of macro data, we only have PMI numbers on Thursday (October 24) as the market will be looking for some reassurance if the Fed stays on the interest rate cutting path.
Cryptocurrency analysts expect a new Bitcoin ATH to appear soon
Although Bitcoin The value has not crossed $70,000 yet, and many cryptocurrency analysts predict that the leading digital asset will do so New ATH registration coming soon.
For example, cryptocurrency analyst Crypto Caesar explained on X that during the weekly time frame, BTC is trading within a multi-year upward channel. According to the analyst, each corrective wave found support at a higher low. They added:
The price is currently completing the fourth corrective wave, settling near the strong support level at $66,000. This area corresponds to previous resistance levels and now acts as a potential trigger point. The expected fifth wave could push BTC towards a potential new high, aiming to reach levels around $100,000 if it breaks the upper resistance near $72,000.
The analyst concluded that a decisive break above the current consolidation pattern and resistance could spark a significant rally in Bitcoin.
Another cryptocurrency analyst, Ali Martinez, confirmed that the market cap to realized value (MVRV) ratio has finally changed. rising.
For those unfamiliar, the MVRV ratio calculates the market value of BTC divided by its realized value – the value it was last traded at. This ratio helps assess whether BTC is overvalued or undervalued compared to recent trading activity.
The chart below shows that large gains in BTC price have typically been accompanied by an upward movement in the MVRV ratio.
in spite of Due to optimism, Google searches for Bitcoin-related keywords have declined recentlyWhich indicates lukewarm retail interest in the asset. BTC is trading at $66,940 at press time, down 0.2% over the past 24 hours.
Featured image from Unsplash.com, charts from X and TradingView.com
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