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" 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"><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" 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"><figcaption id="caption-attachment-370364" class="wp-caption-text"> BTC/USDT Binance Liquidation Heatmap: (Source: Coinglass) </figcaption></figure>The post <a rel="noopener noreferrer 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="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

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

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