We have already written about Bitcoin’s October moment several times. The last quarter is usually bullish on the market for digital assets and stocks, but the performance seen in the last two weeks was far below the norm – and also for traditional assets.
However, on Tuesday afternoon, Bitcoin again made a local high and approached $68,000. However, a high not seen since July suddenly turned into volatility. The massive liquidation affecting both sides shook the markets, but at the time of writing, the exchange rate stabilized above $67,000.
The price of Bitcoin is at a three-month high
After the upswing seen in the first months of the year, Bitcoin started a massive sideways movement. After the all-time high in March, everyone was talking about a real chance to break the $100,000 level, but instead the instrument only produced lower local highs.
Amid the geopolitical turmoil and the collapse of the Japanese stock market, we have repeatedly witnessed sudden corrections. However, after the peaks at the end of August and at the end of September, the instrument again produced a higher peak, thereby starting – but not confirming – an upward trend.
A Bitcoin
BTC Price
(BTC) price until Tuesday afternoon rose to $67,950 a Binance according to your data. However, the two consecutive hourly candles almost offset each other and the price fell back to $64,800. During the heightened trading period, spot ETFs also stood up for themselves, but leveraged positions also experienced serious pressure.
Massive liquidation, one billion dollar inflow
According to data from CoinGlass in the last 24 hours close to $300 million in leveraged positions were closed. In the first place, the futures deals involving Bitcoin and Ethereum will be victims of liquidation due to the lack of capital, as the budget of the investors is not sufficient to cover the borrowed amount.
Liquidation data for the last 24 hours, source: CoinGlass
It is clear from the data of the analytical platform that it is in the upward phase $120 million in short positions were closed. And in the sudden backlash that followed Long positions of $180 million were closed. Volatility not seen since the first of October shook the markets. Several altcoins recorded a loss of 10%, but some projects enjoyed a profit of 6-8%.
Spot Bitcoin ETFs also contributed to the price action. Exchange-traded funds approved in January generated net inflows of more than $1 billion over the past three trading days. Friday’s $253 million was followed by $556 million on Monday, and yesterday ended the day with $371 million. BlackRock’s inflow of $288.8 million on Tuesday outpaced Fidelity’s $239.3 million performance on Monday. With this, ETFs have a net inflow of $19.8 billion over the course of nine months.
Performance of Instant Bitcoin ETFs, source: Fairside Investors
Outlook for cryptocurrencies
According to analysts, the rise seen in recent days was due to the increase in the chances of Donald Trump’s victory. Republican presidential candidate and pro-Bitcoin politician, according to Polymarket She increased her odds of winning against Kamala Harris to 58.3%. The November 5 presidential election could be an important milestone for the entire cryptocurrency industry. Trump has long been known to be an enthusiastic supporter of cryptocurrencies, but Harris has only recently begun to share his cryptopolitics plans.
According to supporters of technical analysis, Bitcoin may soon set a new all-time high by breaking out of the downward channel. THE three line graph according to him, breaking through the psychological limit of $70,000 can bring the real upswing. In this case, the exchange rate can rise up to 90 – 110,000 dollars.
Technical analysis of Bitcoin, source: tradingView
