$190 million worth of cryptocurrency liquidations were recorded over the last 24 hours as Bitcoin (BTC) failed to break the key $70,000 resistance level.
Bitcoin remains range narrow, just shy of recent ATH
According to data with CoinGlass, over 60,000 traders with positions worth over $190 million have been liquidated in the last 24 hours as the price of BTC dropped from around $69,300 on October 21 to $66,940 at press time.
Interestingly, the liquidation value of Ethereum (ETH) was $46.2 million, which is almost equivalent to the BTC liquidation of $47.7 million. They were followed by Solana (SOL), Dogecoin (DOGE), and Apecoin (APE), which had liquidations of $9.2 million, $8.2 million, and $5.1 million, respectively.
It is worth noting that almost 83% of the liquidations – worth $159 million – were long positions, and 17% – worth $31 million – were brief positions. Binance accounted for almost 44% of all liquidations, followed by OKX with 33% and HTX with 12.4%.
The tilt towards long positions indicates that most traders expect BTC to break through its all-time high (ATH) of $73,737 soon. However, BTC must first decisively overcome the mighty resistance at $70,000 to post a recent ATH.
According to Singapore-based cryptocurrency trading firm QCP Capital, a break above the $70,000 price level is likely to attract the attention of retailers. In a Telegram broadcast, the company wrote:
However, without any major catalysts this week, we expect the cryptocurrency to break through these levels in an attempt to break higher. As for macro data, we only have PMI data from Thursday (October 24), from which the market will look for reassurance if the Fed remains on the path of interest rate cuts.
Cryptocurrency analysts predict a recent Bitcoin ATH soon
Although BTC has not yet crossed $70,000, several crypto analysts predict it will become the leading digital asset record a recent ATH soon.
For example, cryptocurrency analyst Crypto Caesar explained on X that on a weekly time horizon, BTC is trading within a multi-year ascending channel. According to the analyst, each corrective wave found support at a higher minimum. They added:
The price is currently completing its 4th corrective wave, holding near mighty support around $66,000. This zone coincides with previous resistance levels and currently acts as a potential starting point. The predicted fifth wave could push BTC towards a potential recent high, targeting around $100,000, if it breaks above resistance near $72,000.
The analyst concluded that a decisive break above the current consolidation and resistance pattern could spark a major rally for BTC.
Another cryptocurrency analyst, Ali Martinez, highlighted that the market value to realized value (MVRV) ratio has finally changed bullish.
For the uninitiated: the MVRV ratio calculates the market capitalization of BTC divided by the realized capitalization – the value at which it was last traded. This indicator helps assess whether BTC is overvalued or undervalued relative to its recent trading activity.
The chart below shows that significant increases in BTC price usually accompany an raise in MVRV.
Despite optimism, Google searches for Bitcoin-related keywords have dropped dramatically recentlywhich indicates moderate retail interest in the asset. At press time, BTC is trading at $66,940, down 0.2% over the past 24 hours.
Featured image from Unsplash.com, charts from X and TradingView.com
