Based

bullish

Bitcoin

Epic

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Over the past 24 hours,&nbsp;<a href="https://u.today/no-one-knows-who-satoshi-is-adam-back-ends-hbo-hype" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> has seen a large disparity in liquidations between long and short positions in the perpetual futures market. According to&nbsp;<a href="https://www.coinglass.com/currencies/BTC" rel="noopener noreferrer nofollow">CoinGlass</a>, total liquidations in derivatives on the major cryptocurrency during this period exceeded $4.82 million.
Of particular note is the uneven distribution of these liquidations, with 78% — or $3.76 million — coming from long positions. The collapse appears to be due to bullish investors trying to capitalize on a potential price spike.
Just yesterday, Bitcoin showed promising price action, briefly surpassing $62,000 per BTC, fueling optimism about a possible march to a new all-time high. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="4adbe9c8-2544-42e6-9bef-29c6f9e28340" src="https://u.today/sites/default/files/inline-images/btcc_2.png">Source: <a href="https://www.coinglass.com/currencies/BTC" rel="noopener noreferrer nofollow">CoinGlass</a>
However, the market quickly changed direction. Instead of an immediate breakout, the cryptocurrency encountered a series of red candlesticks. While this did not result in a significant price drop, it did result in a notable cascade of long liquidations.
<h2 dir="ltr" id="bitcoin-btc-price-outlook">Bitcoin (BTC) price outlook</h2>
As bulls and bears played a tug-of-war over&nbsp;<a href="https://u.today/dogecoin-doge-creator-shares-his-truth-about-satoshi-nakamoto" rel="noopener noreferrer nofollow">Bitcoin</a>, the price of the major cryptocurrency was mostly stuck in one place around the aforementioned $62,000 mark.
After finding a bottom at $60,700, BTC's performance has left traders somewhat in limbo as they eye $53,000 and $66,000 as two main options for the near future, and as we may see, the bulls are leading the charge as they have managed to take the tug to their side by over 3% so far. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="33ed7547-ccbb-4dab-ad0a-bb5187d699e0" src="https://u.today/sites/default/files/inline-images/BTCUSDT_2024-10-06_18-22-08.png">Source: <a href="https://www.tradingview.com/x/5MrZzoAY/" rel="noopener noreferrer nofollow">TradingView</a>
Is another attempt at a new all-time high in play? Based on the recent price action, yes is the more likely answer. However, it is still a long way to go as bulls would first have to defend the weekly close above $60,700, get to $66,000 per&nbsp;<a href="https://u.today/len-sassaman-enters-spotlight-as-top-satoshi-candidate-ahead-of-hbo-documentary" rel="noopener noreferrer nofollow">BTC</a> and then perhaps hold there for another week.

Bitcoin Rockets 354% in 24 Hours in Epic Liquidation Imbalance

Table of Contents

U_Today

Other articles published on Oct 6, 2024

Meme Coins Generate Profit for Investors

Tether teases USDT documentary on 10th anniversary

Charles Hoskinson Critiques Solana and Praises Sui Network

What Trends Affect AVAX, XRP, DOGE, and BNB?

Ali Martinez Evaluates Bitcoin and Dogecoin: What’s Next?

PeckShieldAlert Reports $5.87M Hack on EigenLayer, Stolen Funds Traced to HitBTC and Kraken

Join our free newsletter for daily crypto updates!