Bitcoin

<p>In a surprising uptick, Bitcoin (BTC) soared to a new yearly high of $35,950 on November 1, marking a robust support level at $35,000. This unexpected surge caused a ripple effect across the market, triggering over $100 million in short liquidations, a scenario where traders who bet against the asset’s performance faced substantial losses​​.</p> 
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 <img decoding="async" class="wp-image-25030 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/11/BTC_1D_graph_coinmarketcap-2.jpg" alt="BTC 1D graph coinmarketcap 2" width="1392" height="760" srcset="https://crypto.ro/en/wp-content/uploads/2023/11/BTC_1D_graph_coinmarketcap-2.jpg 1200w, https://crypto.ro/en/wp-content/uploads/2023/11/BTC_1D_graph_coinmarketcap-2-300x164.jpg 300w, https://crypto.ro/en/wp-content/uploads/2023/11/BTC_1D_graph_coinmarketcap-2-1024x559.jpg 1024w, https://crypto.ro/en/wp-content/uploads/2023/11/BTC_1D_graph_coinmarketcap-2-768x419.jpg 768w, https://crypto.ro/en/wp-content/uploads/2023/11/BTC_1D_graph_coinmarketcap-2-750x409.jpg 750w, https://crypto.ro/en/wp-content/uploads/2023/11/BTC_1D_graph_coinmarketcap-2-1140x622.jpg 1140w" sizes="(max-width: 1392px) 100vw, 1392px" title="Bitcoin hits new yearly high, triggering over $100M in short liquidations 15">
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  Bitcoin(BTC) 24 hours price chart | CoinMarketCap
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<p>Data revealed that within a 24-hour window surrounding this price hike, a whopping 60,851 traders faced liquidations, culminating in a cumulative loss of roughly $160 million. A closer analysis showed that nearly 62% of these liquidations were short positions, indicating a significant number of traders were caught off guard by <a href="https://crypto.ro/en/bitcoin/">Bitcoin</a>‘s sudden price ascent​​.</p> 
<h2 id="binance-faces-the-brunt-76-million-liquidated">Binance faces the brunt: $76 million liquidated</h2> 
<p>The liquidation trend was not evenly distributed across all platforms. <a href="https://crypto.ro/en/education/best-crypto-exchange/#1-binance-lowest-fee-crypto-exchange">Binance, one of the leading cryptocurrency exchanges</a>, bore the brunt with $76 million worth of liquidations. This development sheds light on the high-stake environment of cryptocurrency trading, where a sudden price movement can have a domino effect, causing a cascade of liquidations and substantial financial losses for traders betting against the market trend​​.</p> 
<p>Further insights were gleaned from a liquidation heatmap for the BTC/USDT pair on <a href="https://crypto.ro/en/exchange/binance">Binance</a>, which revealed a significant liquidation threshold at the $35,000 mark. This threshold, if violated, could potentially trigger a downward trend for Bitcoin.</p> 
<figure id="attachment_25029" aria-describedby="caption-attachment-25029" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="wp-image-25029 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/11/Liquidation-heatmap.webp" alt="Liquidation heatmap" width="740" height="380" srcset="https://crypto.ro/en/wp-content/uploads/2023/11/Liquidation-heatmap.webp 740w, https://crypto.ro/en/wp-content/uploads/2023/11/Liquidation-heatmap-300x154.webp 300w" sizes="(max-width: 740px) 100vw, 740px" title="Bitcoin hits new yearly high, triggering over $100M in short liquidations 16">
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  Liquidation heatmap | Coinglass
 </figcaption>
</figure> 
<p>Moreover, two substantial liquidation levels were identified at around $34,000, each estimated to be approximately $140 million, underlining the critical significance of these price points in market dynamics​​.</p> 
<p>The surge in Bitcoin’s value is not an isolated event but rather part of a broader bullish trend in the cryptocurrency market. Several factors are contributing to this uptrend, including increased institutional interest, the growing adoption of Bitcoin as a payment method, and favorable regulatory developments in various jurisdictions.</p> 
<h2 id="next-stop-for-bitcoin-36-500">Next stop for Bitcoin $36,500</h2> 
<p>However, some analysts caution that Bitcoin’s price could still experience considerable volatility. Despite its recent rally, the cryptocurrency is known for its price swings, and investors should be prepared for potential downturns.</p> 
<p>On the technical front, Bitcoin’s next resistance level is at around $36,500, according to data from TradingView. If it manages to break through this level, it could potentially set off another round of short liquidations, further fueling its rise.</p>

Bitcoin hits new yearly high, triggering over $100M in short liquidations

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