Bitrabo Editorial
Over the last day, the cryptocurrency market saw liquidations totaling $190 million as Bitcoin (BTC) struggled to surpass the critical $70,000 resistance point.
Bitcoin’s Stagnation Near Historical Highs
Data from CoinGlass indicates that more than 60,000 traders faced liquidations in the last 24 hours, totaling over $190 million, as BTC dropped from around $69,300 on October 21 to $66,940 at the time of writing.
Ethereum (ETH) liquidations were notable too, reaching $46.2 million, closely aligning with BTC’s $47.7 million. Other cryptocurrencies like Solana (SOL), Dogecoin (DOGE), and Apecoin (APE) had liquidations of $9.2 million, $8.2 million, and $5.1 million, respectively.
It’s significant that about 83% of these liquidations—valued at $159 million—were from long positions, while only 17%—approximately $31 million—were from short positions. Binance led the liquidations with nearly 44%, followed by OKX at 33% and HTX at 12.4%.
The prevalence of long position liquidations suggests a broader trader sentiment anticipating BTC will soon breach its all-time high (ATH) of $73,737. Nevertheless, it first faces the formidable $70,000 resistance that must be overcome for a new ATH.
QCP Capital, a crypto trading firm based in Singapore, noted that surpassing the $70,000 mark could draw retail investors’ eyes. In a recent Telegram update, the firm mentioned:
With no significant triggers this week, we expect cryptocurrencies to fluctuate around these levels as they seek to move higher. This Thursday (24 Oct), the PMI data will be watched for clues about the Fed’s rate cut intentions.
Optimism Among Crypto Analysts for New Bitcoin ATH
Despite BTC not yet breaking past $70,000, numerous crypto analysts are hopeful that the leading cryptocurrency will achieve a new ATH soon.
Crypto analyst Crypto Caesar shared insights on X, indicating that, on a weekly basis, BTC is moving within a long-term ascending channel. According to him, every downward correction has found support at increasingly higher lows. He stated:
Currently, we are in the fourth corrective wave, maintaining a strong support around $66,000, which aligns with previous resistance levels. This could serve as a launching pad for the anticipated fifth wave that may drive BTC towards $100,000 if it can surpass the resistance near $72,000.
The analyst concluded that a significant breakout from the current consolidation could trigger a major BTC rally.
Another analyst, Ali Martinez, pointed out that the market value to realized value (MVRV) ratio has shifted to a bullish trend.
For those unfamiliar, the MVRV ratio compares BTC’s market capitalization against its realized capitalization—the price at which it last traded. This helps determine if BTC is currently overvalued or undervalued based on recent trades.
The accompanying chart illustrates that significant increases in BTC price historically coincide with rising MVRV ratios.
However, despite the optimistic outlook, Google searches related to Bitcoin have recently declined, signaling a drop in retail interest. Currently, BTC is trading at $66,940, reflecting a decrease of 0.2% over the past 24 hours.
