In a dramatic turn of events, Bitcoin’s price has once again breached the $64,000 mark after rising 7.7% from a low of $59,400 in four days. This sudden price jump sent shockwaves through the cryptocurrency market, with data from Coinglass revealing a significant wave of liquidations following an unexpected rally. Low sellers who expected a decline found themselves in a arduous situation as Bitcoin defied their expectations.

Especially, liquidation data from Coinglass shows that more than $182 million worth of positions were liquidated on various exchanges in the last 24 hours, most of which were low positions.

Bitcoin price again exceeds $64,000

Bitcoin rose above $64,000 in the early morning hours of Monday, October 14, after breaking above a tight range over the weekend and gaining 2.53% in the last 24 hours. In the last few hours, Bitcoin has reached as high as $64,500, the highest level so far in October. As such, Bitcoin’s price has now broken above the monthly opening level, and the October monthly return has finally turned green for the first time.

However, the price action was not so positive for everyone. According to the data in the image below, the sudden rally was costly for many low traders. Bears that had been betting on a further decline were hit difficult as Bitcoin’s continued rise triggered a wave of liquidations.

Of the $182 million in liquidations recorded on various exchanges, a staggering $115.76 million came from low positions and $66.28 million from long positions.

Binance led the cryptocurrency market in liquidations over the past 24 hours, accounting for 42.48% of all liquidations. On Binance alone, approximately $77.33 million worth of positions were liquidated, of which 54.23% were low positions. OKX follows closely behind with $58.71 million in liquidation, with an even larger percentage of 62.84% being low.

HTX, Bybit and CoinEx also recorded significant liquidations, although on a smaller scale. HTX saw $27.35 million in liquidations, of which a staggering 87.81% were low positions. Bybit came next with a liquidation of $12.62 million and a low interest of 65.92%, while CoinEx completed the list with a liquidation of $3.50 million, of which 81.34% came from low positions .

Are there more liquidations ahead?

Bitcoin’s recent rise restores this possibility mood decline Uptober. This intriguing boost could set the stage for a surge in the second half of October, similar to what occurred in September.

If this rally were to continue for the rest of the month, we can expect more low positions to be liquidated in the next few hours. Bears that were betting on Bitcoin rising may rush to exit their positions to minimize losses. Decreased selling pressure from low sellers leaving the market could fuel Bitcoin’s growth even further.

Featured image created with Dall.E, chart from Tradingview.com