Bitcoin’s price saw a significant rally on October 14, crossing the $64,000 mark and resulting in over $52 million in liquidations from traders who had bet against the cryptocurrency. In total, more than $100 million in short positions were liquidated in the crypto market as Bitcoin surged higher, catching many bearish traders off guard.
The cryptocurrency gained 2.1% within the last 24 hours, breaking through a period of sideways trading over the weekend. According to data from TradingView, Bitcoin peaked at $64,173, marking its highest level in October and a price not seen since September 30.
Massive Liquidations as Bitcoin Climbs
The sharp price increase triggered $101.4 million worth of short liquidations across the broader crypto market, per data from CoinGlass. A total of 54,649 traders faced liquidations, with a combined loss of over $166 million. Bitcoin shorts were hit hardest, accounting for $52.33 million of the liquidations, followed by Ethereum (ETH) short positions with $27.26 million.
Bitcoin’s market dominance also rose above 58%, its highest level since April 2021. October, historically a strong month for Bitcoin, has once again lived up to its nickname of “Uptober,” with positive returns in nine of the past eleven years.
Analysts Signal a Bullish Outlook
Many market analysts are expecting more bullish momentum ahead. Crypto influencer Kyle Chassé took to X (formerly Twitter) on October 14, sharing his belief that the market is about to enter an exciting phase. He predicted that the next major rally is not just likely but imminent, suggesting that the crypto market is on the verge of another upward surge.
On-chain analyst James Check echoed this sentiment, cautioning bearish traders to “pray for the bears” as Bitcoin’s price trajectory suggests more potential gains in the near future.
Ether and Altcoins Join the Rally
Ethereum (ETH) also saw notable gains, reclaiming $2,500 and reaching a two-week high of $2,540, with a 2.9% increase over the past day. Other major altcoins, such as Solana (SOL), posted gains as well, rising 4.4% in the last 24 hours.
However, some of the larger altcoins, including Binance Coin (BNB) and Dogecoin (DOGE), saw smaller gains, with both increasing by less than 1% during the same period.
Conclusion
Bitcoin’s recent surge and the subsequent liquidation of short positions suggest renewed bullish sentiment in the market. As Bitcoin’s dominance climbs and altcoins show positive movement, analysts are keeping a close eye on the potential for further rallies, with many predicting that the next major breakout is just around the corner.
