Bitcoin (BTC) Price Retreats to Near $64K, Over $200M in Crypto Liquidations
- Barbara StreisandOriginal
- 2024-10-01 06:14:22541browse
The crypto market saw over $200 million in crypto liquidations as Bitcoin slipped to near $64k amid fresh bear moves.
Crypto liquidations surged over 128% in 24 hours as BTC slipped to near $64k amid fresh bear moves. Crypto liquidations soared over $200 million in 24 hours on Friday as Bitcoin (CRYPTO: BTC) approached $64,000 amid fresh bear moves.
According to data from Coinglass, crypto liquidations in the past 24 hours amounted to more than $200 million. This comes as BTC fell 4% to trade at about $63,100 on September 30.
24-hour liquidations After posting a significantly better performance in September, contrary to expectations with a spike to $66k, BTC retreated sharply to pull most altcoins lower.
With Ethereum (CRYPTO: ETH) also dumping to under $2.6k amid the latest selling from the Ethereum Foundation, total longs rekt soared to $164 million.
Shorts accounted for about $37 million in 24-hour liquidations at the time of writing.
Crypto liquidation refers to the process by which a trader’s position is forcibly closed when their margin account no longer supports an open position. This happens when a trader suffers substantial losses or has insufficient margin to keep the position open.
Over 68,900 traders had their positions liquidated in the past 24 hours, according to Coinglass data. The largest single order to be liquidated was on the crypto exchange OKX in the ETH-USD-SWAP, valued at $1.92 million.
BTC bounce: Uptober is here Despite the decline in BTC price, bulls are likely to strengthen in coming weeks.
The upbeat mood may be down to the fact that with hours to go, September looks poised to end with BTC up more than 7%. That's barring a sharp meltdown - not entirely new to the market. Still, analysts are bullish.
As crypto analyst Kaleo points out in the X post below, October and November have historically been ultra-positive for Bitcoin. If the trend continues, BTC will bounce hard in the coming months.
#Bitcoin / $BTC
Here's a visual representation of Bitcoin's seasonality over the past 13 years.
October is both tied for the second highest month that BTC sees positive returns, and on average provides the second highest mean change % (blue lines). The only month with a higher… pic.twitter.com/RZ9g0VvcH5
— K A L E O (@CryptoKaleo) September 30, 2024
Earlier on Monday, digital asset manager CoinShares said in its weekly report that crypto investment products saw a third consecutive week of inflows amid recent interest-rate-cut buzz. BTC topped $1 billion as ETH broke a five-week streak of negative flows.
BTC price hovered near $63,405 at the time of writing.
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