The cryptocurrency market witnessed significant liquidations exceeding $190 million in the last 24 hours. This wave of liquidations occurred as Bitcoin (BTC) encountered difficulties in breaching the pivotal $70,000 resistance level.
Bitcoin’s Struggle: Hovering Just Below a New All-Time High
Recent data from CoinGlass highlights that more than 60,000 traders faced liquidations amounting to over $190 million. Bitcoin experienced a decline, plunging from approximately $69,300 on October 21 to $66,940 at present.
Ethereum (ETH) was not spared, with liquidations reaching $46.2 million, closely trailing Bitcoin’s $47.7 million. Other notable cryptocurrencies like Solana (SOL), Dogecoin (DOGE), and Apecoin (APE) experienced liquidations amounting to $9.2 million, $8.2 million, and $5.1 million, respectively.
The majority of these liquidations, approximately 83%, were long positions valued at $159 million. The remaining 17%, worth $31 million, comprised short positions. Binance emerged as the leading platform, accounting for nearly 44% of the total liquidations, followed by OKX at 33% and HTX at 12.4%.
This inclination towards long positions signifies widespread trader optimism, anticipating Bitcoin to surpass its previous all-time high (ATH) of $73,737. However, overcoming the formidable $70,000 resistance remains crucial for Bitcoin to achieve this milestone.
According to QCP Capital, a Singapore-based crypto trading firm, surpassing the $70,000 mark could potentially attract increased retail interest. In a Telegram broadcast, the firm noted that despite the absence of significant catalysts this week, the cryptocurrency is likely to hover around current levels as it attempts a breakthrough.
Anticipations of a New Bitcoin All-Time High
Despite Bitcoin’s current inability to breach the $70,000 mark, several crypto analysts maintain a positive outlook, predicting an imminent new ATH for the leading digital asset.
Crypto analyst Crypto Caesar, for instance, pointed out on the social platform X that Bitcoin is currently trading within a multi-year ascending channel on the weekly timeframe. Every corrective wave thus far has found support at progressively higher lows. They observed:
“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 from the current consolidation and resistance could trigger a substantial Bitcoin rally.
Furthermore, another crypto analyst, Ali Martinez, highlighted the bullish shift in the market value to realized value (MVRV) ratio. For those unfamiliar, the MVRV ratio is a metric that divides Bitcoin’s market cap by its realized cap, providing insights into whether Bitcoin is currently overvalued or undervalued relative to its recent trading activity.
Historically, increases in Bitcoin’s price have often coincided with upward movements in the MVRV ratio. While optimism remains, it’s noteworthy that Google searches for Bitcoin-related keywords have recently declined, signaling tepid retail interest. At present, Bitcoin trades at $66,940, reflecting a 0.2% decrease in the past 24 hours.
