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Cryptocurrency News Articles
Bitcoin (BTC) Fails to Break $70,000 Resistance Level, $190M in Crypto Liquidations Recorded
Oct 23, 2024 at 08:30 pm
According to data from CoinGlass, in the past 24 hours, more than 60,000 traders with positions worth over $190 million were liquidated as BTC fell
Bitcoin (BTC) price failed to breach the crucial $70,000 resistance level on October 21 as crypto liquidations amounted to $190 million in the past 24 hours.
Bitcoin price remains range-bound after a 6% drop from $70K highs. Now, BTC must overcome strong resistance at $70K to post a new all-time high (ATH).
Crypto liquidations reached $190 million as BTC fell to $66,940 at press time, down 0.2% in the past 24 hours.
Crypto Liquidations Hit $190 Mln as BTC Falls to $66.9K
According to data from CoinGlass, over 60,000 traders were liquidated in the past 24 hours as BTC price dropped from around $69,300 on Oct. 21 to $66,940 at press time.
In total, more than $190 million in crypto liquidations were recorded, largely due to traders being overleveraged on long positions expecting BTC to breach its ATH imminently.
As BTC price fell by around $2,400 over the past day, traders’ highly leveraged long positions were quickly wiped out.
Crypto trader and pseudonymous Twitter user "Hsaka" shared the following chart, showing that almost 83% of liquidations were long positions:
Almost 83% of today's liquidations were longs. A total of $190 million were liquidated in the past 24 hours as BTC price dropped from around $69.3K to $66.9K at press time.
Notably, over $47.7 million of the total liquidations were in BTC, followed by ETH at $46.2 million. Other coins with large liquidations included Solana (SOL) at $9.2 million, Dogecoin (DOGE) at $8.2 million, and Apecoin (APE) at $5.1 million.
Binance Accounted for 44% of Total Liquidations, OKX at 33%
Breaking down the exchange data, Binance accounted for nearly 44% of the total liquidations, followed by OKX at 33% and HTX at 12.4%.
The heavy tilt toward liquidations on Binance is likely due to the exchange hosting a large portion of the crypto derivatives market. Binance Futures alone commands over 50% of the crypto futures trading volume.
A Closer Look at BTC Price Action and Key Levels to Watch
Bitcoin price dropped to a low of $66,430 on Oct. 21 before recovering slightly to trade at $66,940 at press time. BTC price now faces immediate resistance at $67,000.
If BTC can decisively overcome this resistance level, it will open the way for a potential rally toward the crucial $70,000 price point.
A clear break and four-hour candle close above $70,000 could ignite a strong rally toward the record highs, as highlighted by Singapore-based crypto trading firm QCP Capital in a Telegram broadcast on Oct. 21:
Bitcoin broke the $67K resistance on Monday and is now attempting to push through the upper consolidation boundary (dotted white line) towards all-time highs. However, with no major catalysts this week, we expect crypto to chop around these levels as it attempts to break higher. In terms of macro data, we only have PMI numbers on Thursday (24 Oct) where the market will look for some reassurance if the Fed will remain on their rate cut path.
As highlighted by QCP, a break above $70,000 will likely attract retail attention, considering the massive buildup in this range over the past two weeks.
Several Crypto Analysts Anticipate New Bitcoin ATH Soon
Although BTC has yet to cross $70,000, several crypto analysts predict that the leading digital asset will soon record a new ATH.
For instance, crypto analyst "Crypto Caesar" explained on X that, during the weekly timeframe, BTC trades within a multi-year ascending channel:
Every corrective wave has found support at a higher low. The price is currently completing the 4th corrective wave, holding near the strong support around $66K. This zone aligns with previous resistance levels and is now acting as a potential launch point. The anticipated 5th wave could push BTC towards a potential new high, aiming for levels around $100K if it breaks the upper resistance near $72K. A decisive breakout above the current consolidation pattern and resistance could ignite a major BTC rally.
Another crypto analyst, Ali Martinez, emphasized that the market value to realized value (MVRV) ratio has finally turned bullish:
Finally, the MVR
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