- October 23, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
In the past 24 hours, crypto liquidations worth $190 million were recorded as Bitcoin (BTC) failed to break through the crucial $70,000 resistance level.
Bitcoin Remains Range-Bound, Just Shy Of New ATH
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 from approximately $69,300 on October 21 to $66,940 at press time.
Interestingly, Ethereum (ETH) liquidations amounted to $46.2 million, nearly matching BTC’s liquidations of $47.7 million. Following them were Solana (SOL), Dogecoin (DOGE), and Apecoin (APE), with liquidations of $9.2 million, $8.2 million, and $5.1 million, respectively.
Notably, almost 83% of liquidations – worth $159 million – were long positions, while 17% – worth $31 million – were short positions. Binance accounted for nearly 44% of total liquidations, followed by OKX at 33% and HTX at 12.4%.
The tilt toward long positions indicates that most traders expect BTC to breach its all-time high (ATH) of $73,737 soon. However, BTC must first decisively overcome the strong resistance at $70,000 to post a new ATH.
Per Singapore-based crypto trading firm QCP Capital, a break above the $70,000 price level will likely attract retail attention. In a Telegram broadcast, the firm wrote:
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.
Crypto Analysts Foresee 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. According to the analyst, every corrective wave has found support at a higher low. They added:
The price is currently completing the 4th corrective wave, holding near the strong support around $66,000. 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 $100,000 if it breaks the upper resistance near $72,000.
The analyst concluded that 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.
For those unfamiliar, the MVRV ratio calculates BTC’s market cap divided by its realized cap – the value at which it was last traded. This ratio helps assess whether BTC is overvalued or undervalued relative to its recent trading activity.
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.
