Bitcoin

<h2 id="quick-take">Quick Take</h2> 
Bitcoin has achieved a new milestone, fortifying a support level at $35,000 and hitting fresh year-to-date highs last night on Nov. 1. In the past 24 hours, per data from Coinglass, a staggering 60,851 traders have faced liquidations, leading to a cumulative loss of approximately $160 million. 
A deeper dive into the data reveals an interesting trend. Over $100 million of the liquidated amount was due to short liquidations, making up nearly 62% of the total liquidations. This indicates an overwhelming majority of traders betting against digital assets performance were caught off guard by this sudden uptick, resulting in considerable losses. 
Furthermore, Binance, a leading cryptocurrency exchange, contributed a majority share to this phenomenon with $76 million worth of liquidations. 
<figure id="attachment_370360" aria-describedby="caption-attachment-370360" style="width: 100%" class="wp-caption aligncenter">
 <img class="wp-image-370360 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/binanc.png" alt="Liquidation heatmap: (Source: Coinglass)" width="740" height="380" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/binanc.png 740w, https://cryptoslate.com/wp-content/uploads/2023/11/binanc-300x154.png 300w" sizes="(max-width: 740px) 100vw, 740px">
 <figcaption id="caption-attachment-370360" class="wp-caption-text">
 Liquidation heatmap: (Source: Coinglass)
 </figcaption>
</figure> 
Upon examining the liquidation heatmap on Binance for the BTC/USDT pair, it becomes evident that there’s a significant liquidation threshold at $35,000. Should this support level be violated, it could potentially trigger a downward trend for Bitcoin. Notably, there are two substantial liquidation levels at around $34,000, each estimated to be approximately $140 million, further reinforcing the critical significance of these price points in the market dynamics. 
<figure id="attachment_370364" aria-describedby="caption-attachment-370364" style="width: 100%" class="wp-caption aligncenter">
 <img class="wp-image-370364 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/liq1.png" alt="BTC/USDT Binance Liquidation Heatmap: (Source: Coinglass)" width="1286" height="625" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/liq1.png 1286w, https://cryptoslate.com/wp-content/uploads/2023/11/liq1-300x146.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/liq1-1024x498.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/liq1-768x373.png 768w" sizes="(max-width: 1286px) 100vw, 1286px">
 <figcaption id="caption-attachment-370364" class="wp-caption-text">
 BTC/USDT Binance Liquidation Heatmap: (Source: Coinglass)
 </figcaption>
</figure> 
The post <a rel="nofollow" href="https://cryptoslate.com/insights/bitcoin-surges-to-new-yearly-high-of-35950-causing-over-100m-in-short-liquidations/">Bitcoin surges to new yearly high of $35,950, causing over $100M in short liquidations</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Bitcoin surges to new yearly high of $35,950, causing over $100M in short liquidations

Table of Contents

CryptoSlate

Other articles published on Nov 2, 2023

Crypto: PayPal achieves a Major Milestone in the United Kingdom!

SafeStake Newsletter — October Edition

“Explosive Movement in Bitcoin: Expert Predicts a Rally”

Taiwan Ungkap Pencucian Uang Pakai USDT Bernilai Ratusan Juta Dolar

Law professor says blockchain tech could ‘revolutionize’ copyright offices

What Is a Celestia Coin? Why Is It Trending- History, Market Sentiment

Join our free newsletter for daily crypto updates!