Bitcoin climbs to $83,335 as short positions face $45.7 million in liquidations
CIE News ·
Based on reporting by Bitcoin.com News; not yet independently confirmed.
Bitcoin reached $83,335 on October 20 before falling back to $82,500, sparking over $76 million in BTC liquidations, including $45.7 million from short sellers.
Bitcoin (BTC) rose to a daily high of $83,335 on October 20 before settling near $82,500, according to Bitcoin.com News. The move briefly pushed the asset's market valuation close to $1.67 trillion after trading between $81,200 and $82,000 earlier in the session. Over $76 million in BTC positions were liquidated across exchanges, with short sellers accounting for $45.7 million of the forced closures.
Across the entire cryptocurrency market, 70,109 traders were liquidated for a total of $299.89 million over a 24-hour window, with short liquidations making up $171 million of that figure. Ethereum (ETH) gained 2.07% to reach $2,450 during the period. Tradingview.com reported that the rally to $83,000 occurred alongside unconfirmed rumors regarding a U.S.-Iran peace deal.
Bitfinex analysts warned that BTC could experience another round of liquidations if the price falls below $79,821, pointing to open interest that increased 4.3% between October 12 and October 15 while prices dropped. The analysts also noted that 30-day apparent demand sits at roughly negative 50,000 BTC, while new whale entities have expanded their share of realized cap to 33%.
Key facts
- BTC daily peak of $83,335
- $45.7M short bets liquidated
- $299.89M total crypto liquidations
- 70,109 traders liquidated
Read the original at Bitcoin.com News