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Cryptocurrency News Articles
Crypto Market Rallies, $113M Wiped in Liquidations as Bitcoin Soars Past $68K
Oct 19, 2024 at 05:18 am
At 2:45 p.m. Eastern Time on Oct. 18, 2024, bitcoin (BTC) hit an intraday high of $68,998 per coin.
Bitcoin (BTC) price surged to its highest level since late July on Friday, coming within just $2 of breaking through the $69,000 mark.
Crypto Market Rallies, $113M Wiped in Liquidations as Bitcoin Soars Past $68K
Bitcoin (BTC) hit an intraday high of $68,998 per coin on Friday, Oct. 18, 2024, at 2:45 p.m. Eastern Time. Earlier in the day, BTC pushed past the $68,000 after establishing a solid support level near $66,600. Following its peak, the price has been consolidating around $68,500 to $69,000, suggesting a strong resistance level near $69,000. Over the last 24 hours, BTC has climbed 2.6% against the U.S. dollar and posted a 9.1% gain over the past week.
However, by around 4:30 p.m. Eastern Time, technical indicators gave a mixed reading on bitcoin’s momentum. The hourly relative strength index (RSI) sat at 63, indicating neutral conditions with no signs of the asset being overbought or oversold. On the other hand, both the Stochastic at 86 and the commodity channel index (CCI) at 129 pointed toward potential overbought conditions. Furthermore, the momentum oscillator signaled a bearish outlook at 902, hinting at slowing upward momentum.
Despite these mixed signals, the moving averages (MAs) remain firmly bullish. Major exponential and simple moving averages, including the 10-day, 20, 30, 50, 100, and 200-day MAs, all reflect positive trends. Shorter-term averages (10, 20, 30 days) are hovering between $67,800 and $68,500, providing solid near-term support. Longer-term averages sit below the current price, with the 200-day MA resting between $64,700 and $65,500, reinforcing a stable foundation.
Meanwhile, today’s price bump triggered $113.81 million in short position liquidations across the broader crypto market, particularly when BTC broke past $68K. Bitcoin shorts accounted for $24.01 million of the liquidations, while $15.93 million came from ethereum shorts. In total, around 37,878 traders were liquidated across the crypto market, with the largest single liquidation order being an ETH-USDT-SWAP on Okx, valued at $3.5 million. At current values, BTC is just 6.9% lower than its all-time price high on March 14 when it neared the $74K range.
What are your thoughts on today’s price action? Let us know what you think in the comments section below.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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