After hovering in a tight range for much of the weekend, Bitcoin broke past $64,000 earlier today, triggering a wave of buying activity.
Key Takeaways
- Bitcoin's price surge to $66,000 coincides with significant USDT inflows from whales.
- Over $195 million in short positions were liquidated due to the price surge.
Bitcoin’s price surged by 6%, reaching around $66,000, signaling bullish momentum as it broke past the key 200-day moving average of $63,350.
Over the past 24 hours, whales moved significant volumes of USDT into Binance, signaling their renewed interest in Bitcoin and possibly driving the price upward.
While Bitcoin rallied, the S&P 500 also reached a new all-time high, led by strong performance from stocks like Nvidia, which is just 3% shy of its own record high.
The sharp rise in Bitcoin’s price also triggered significant liquidations across the crypto market. According to data from CoinGlass, more than $195 million in short positions were liquidated as traders betting against Bitcoin were caught off guard by the sudden price surge.
In total, over 61,000 traders were liquidated, with losses exceeding $235 million across the entire market. Bitcoin short sellers accounted for $88 million of these liquidations, as the token’s market dominance rose to over 58%.
Analysts are eyeing the $66,000 to $68,000 range as the next major resistance zone, which Bitcoin must break to sustain its current rally.
While Bitcoin led the charge, several meme coins also continued their upward momentum. Solana saw a 7% increase, and several meme coins, including MOG, TURBO, and MOTHER, saw double-digit gains in the past 24 hours.
The upcoming weeks will be critical for Bitcoin’s trajectory. The US elections are scheduled for Nov. 5, followed by a highly anticipated Federal Reserve meeting on Nov. 7. These events are likely to influence market sentiment and could lead to increased volatility in both traditional and crypto markets.
At the time of writing, polling datafrom Polymarket shows former President Trump leading the race with 54.9% of the vote, further adding to the uncertainty as market participants await the outcomes of these pivotal events.
