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" 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"><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" 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"><figcaption id="caption-attachment-370364" class="wp-caption-text"> BTC/USDT Binance Liquidation Heatmap: (Source: Coinglass) </figcaption></figure>The post <a href="https://cryptoslate.com/insights/bitcoin-surges-to-new-yearly-high-of-35950-causing-over-100m-in-short-liquidations/" rel="noopener noreferrer nofollow">Bitcoin surges to new yearly high of $35,950, causing over $100M in short liquidations</a> appeared first on <a href="https://cryptoslate.com" rel="noopener noreferrer nofollow">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

Fear and Greed Index hits two-year high

Swiss Bank SGKB partners with SEBA for Bitcoin and Ethereum services

Gate.io temporarily suspends withdrawals due to account safety concerns

Dubai Financial Center regulator approves TON and XRP tokens

Prop firm Tensor Investment launches AI-powered digital asset futures trading product

Dubai’s VARA grants WadzPay ‘initial approval’ paving the way for crypto expansion

Join our free newsletter for daily crypto updates!