As a seasoned crypto investor with a decade-long journey through the volatile waters of the digital asset market, I find myself both intrigued and cautiously optimistic about the recent happenings in the world of Bitcoin (BTC). The $190 million liquidations over the past 24 hours, primarily due to BTC’s failure to breach the crucial $70,000 resistance level, is a testament to the market’s unpredictable nature.
Over the last day, transactions amounting to $190 million in cryptocurrency were registered as Bitcoin (BTC) was unable to surpass the significant $70,000 barrier and hold its position.
Bitcoin Remains Range-Bound, Just Shy Of New ATH
Over the last day, information from CoinGlass indicates that about 60,000 traders who held positions valued over $190 million were forced to close their trades due to Bitcoin’s decrease from around $69,300 on October 21 to its current price of approximately $66,940.
It’s worth noting that Ethereum (ETH) and Bitcoin (BTC) had remarkably similar figures for liquidations, with ETH amounting to $46.2 million and BTC reaching $47.7 million. Coming in next were Solana (SOL), Dogecoin (DOGE), and Apecoin (APE), with liquidations of approximately $9.2 million, $8.2 million, and $5.1 million each.
It’s important to note that about 83% of the total liquidations, amounting to $159 million, were long positions, whereas only 17%, or $31 million, were short positions. Binance was responsible for nearly 44% of all these liquidations, with OKX accounting for around 33%, and HTX contributing approximately 12.4%.
It seems that the majority of traders are leaning towards holding long positions, suggesting they believe Bitcoin will surpass its previous record high ($73,737) in the near future. But, before reaching this new milestone, Bitcoin must first successfully break through the substantial resistance at $70,000.
According to cryptocurrency trading firm QCP Capital based in Singapore, surpassing the $70,000 mark is expected to draw interest from individual investors, as indicated in their recent communication on Telegram.
With no significant triggers this week, we anticipate that cryptocurrency will fluctuate around these current levels as it strives to break through higher ones. As for macroeconomic data, only PMI figures are due out on Thursday (24 Oct). The market will be scrutinizing these numbers closely to see if there’s any indication that the Fed will persist in their interest rate reduction policy.
Crypto Analysts Foresee New Bitcoin ATH Soon
Despite Bitcoin not having surpassed $70,000 so far, various cryptocurrency experts believe that it is likely to hit a new all-time high soon.
To illustrate, crypto expert Crypto Caesar stated on platform X that over the course of a week, Bitcoin tends to move within an upward-sloping channel that has been in place for multiple years. This analyst believes that each corrective movement finds its support at higher bottoms. Furthermore, they mentioned:
At present, Bitcoin’s price is wrapping up its fourth corrective wave and hovering close to robust support at approximately $66,000. This area corresponds with earlier resistance points and could serve as a springboard for future growth. If the fifth wave materializes as expected, Bitcoin might surge towards potential record highs, targeting regions around $100,000 if it manages to breach the upper resistance at about $72,000.
After careful analysis, it was found that if Bitcoin (BTC) were to break out significantly beyond its current trend and overcome the current resistance, it could trigger a strong upward surge or rally in its price.
Crypto expert Ali Martinez highlighted that the Market Value to Realized Value (MVRV) ratio has now shifted towards a positive outlook or bullish trend.
To clarify for newcomers, the MVRV (Miner’s Sentiment) ratio is derived by dividing Bitcoin’s market capitalization by its realized capitalization, which represents the price at which it was last sold. This ratio aids in determining whether Bitcoin appears overpriced or underpriced compared to its recent trading history.
The chart below shows that sizable gains in BTC price have typically accompanied an upside movement in the MVRV ratio.
Despite the optimism, Google searches for Bitcoin-related keywords have recently plummeted, indicating lukewarm retail interest in the asset. BTC trades at $66,940 at press time, down 0.2% in the past 24 hours.
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2024-10-23 15:42