Crypto Liquidation Surpasses $241M as Bitcoin Surges to $66,000

Crypto short liquidations spiked to a two-month high on Monday after over $190 million positions were chalked off the market. Data from Coinglass shows that the value of positions liquidated in the past 24 hours has surged to $241 million.

The development came following Bitcoin’s bullish uptick above $66,000 on Monday. The premier asset surged 6% in the past 24 hours, leading to a broader market upsurge.

Notably, on-chain data shows that 61,948 traders were liquidated in the past day, with the majority of them bear traders. The largest single liquidation order was a $9.59 million trade placed on the BTC/USDT swap pair on OKX.

Bitcoin Leads Liquidation Chart

Predictably, Bitcoin led the liquidation heatmap in the last 24 hours, with approximately 89% of them in short positions. Notably, about $93.58 million of Bitcoin market positions have been liquidated, with $82.88 million in short and $10.7 million in long affected. 

Ethereum also witnessed a significant trader liquidation following the Monday market uptick. About $49.33 million were liquidated, with approximately 88% ($43.27 million) in short and 12% ($6 million) in long positions.

Other altcoins cumulatively experienced over $16 million of positions liquidated. Solana and SUI also recorded substantial amounts of liquidation, with positions worth $9.85 million and $7.73 million affected in the past 24 hours, respectively. 

Further Price Uptick?

Notably, the October hype is beginning to come to life following Bitcoin’s surge past $66,000. The largest crypto asset by market cap failed to meet expectations earlier in the month, with skepticism over the capitulation to $59,000 on Thursday.

However, the recent uptrend has reinstated bullish sentiments among the crypto community. With Bitcoin gaining an average of 21% in the months of October for the past 12 years, market spectators expect a further price uptick.

Meanwhile, Bitcoin has been rejected from the $66,000 region three times since July, posing a major resistance to a continued uptrend. A break above the resistance would push the asset to even higher prices.

Furthermore, positive macroeconomics, like the impending interest rate cut from the Federal Reserve and the growing global monetary base (M2), have raised optimism that Bitcoin will break the resistance this time.

Bitcoin is still on track to meet Standard Chartered’s $150,000 prediction. Analysts at the banking firm speculated that the asset would surge to seven figures if Republican nominee Donald Trump wins.