Bitcoin BTC’s Rally Triggers Massive Liquidation; Is The Bear Market Over?
Bitcoin BTC’s price surged beyond $64,000 on October 14, marking its highest level this month. This rise caused significant liquidations for traders betting against the crypto market. Data shows that over $100 million in short positions were liquidated in less than 24 hours.
As Bitcoin’s dominance increased, the market saw massive changes in crypto trading behaviour.
Bitcoin Surpasses $64,000, Short Sellers Lose Millions
Bitcoin’s price surged past $64,500 on October 14, gaining over 3% in 24 hours. This sudden price spike marked a significant shift, breaking out of the range-bound weekend pattern.
According to CoinGlass, Bitcoin peaked at $64,173, its highest point since late September, leading to over $101 million in liquidations. In total, 54,649 traders saw their positions wiped out, with more than $166 million in liquidation across the crypto market.
Notably, Bitcoin shorts sellers were hit the hardest, losing $54.98 million. Ethereum (ETH), the second largest crypto asset, also suffered significant losses, with $25.48 million liquidated.
In addition, $6.09 million worth of SOL was liquidated, while the SUI token lost over $4 million.
As Bitcoin continued to soar, its dominance in the crypto market grew, pushing past 58%, according to Tradingview’s data. This marks one of the highest levels of market dominance for Bitcoin since April 2021.
As of October 11, when BTC was trading around $61,116, Fear & Greed suggested a bearish market. However, the Fear & Greed Index is currently neutral at 50, indicating that the market is gradually bullish.
Analyst Reactions and Market Sentiment
Many analysts had been speculating on when Bitcoin’s “Uptober” would begin. Historically, October has been a positive month for Bitcoin, with gains in nine out of the last eleven years.
According to Coinglass, BTC surged more than 28.52% last October. If this historical pattern repeats, Bitcoin’s price will likely hit $83,000. Coinglass data shows that the remaining months are bullish, supporting the upward movement.
Kyle Chassé, a crypto analyst, tweeted to his large followers, “The tides are shifting,” signalling his excitement about this market phase. He added that a major “rally is not just a possibility; it’s a reality waiting to unfold.”
The tides are shifting, and we’re heading into one of the most exciting phases of the market. 🚀
The early signs are already here, and those who’ve stayed committed are about to see their patience pay off in ways they couldn’t imagine.
The next big rally isn’t just a…
— Kyle Chassé / DD🐸 (@kyle_chasse) October 14, 2024
Another on-chain analyst, James Check, humorously chimed in, “Pray for the bears.” His statement reflected the growing optimism in the crypto community that Bitcoin’s rally might continue.
Pray for the bears.
— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) October 14, 2024
Last month, an analyst known as Mags said, “Bitcoin gives three chances to buy before it goes parabolic.” “This could be your last chance to buy Bitcoin cheap before it goes parabolic,” he added.
Altcoins Join the Rally
Altcoins were not left out in the ongoing market recovery. Ether (ETH) reclaimed the $2,500 mark, rising to a two-week high of $2,540. According to CoinMarketCap, the token saw a 3% gain within 24 hours.
Solana (SOL), another top cryptocurrency, experienced a 4.4% increase, outperforming most major altcoins. However, other large-cap altcoins like Binance Coin (BNB), XRP, TRX, and Dogecoin (DOGE) showed muted performance, with less than 1% gains.
Bitcoin’s recent surge and growing dominance could indicate that the crypto market is entering another bullish phase.
