Crypto short liquidations breach $100M as Bitcoin reclaims $64K 
2024-10-14

Crypto derivatives traders that bet the crypto market would continue to fall have been liquidated to the tune of over $100 million in the past day as Bitcoin’s price surged.
Bitcoin BTCUSD rose above $64,000 early on Monday, Oct. 14, gaining 2.1% in the last 24 hours, breaking out from a tight range-bound weekend.
TradingView shows BTC peaked at $64,173, the highest it’s reached so far in October and returning to levels not seen since Sept. 30.
As a result of Bitcoin’s sudden price move, over $101.4 million in short positions have been liquidated across the crypto market, according to data from CoinGlass.
In all, 54,649 traders were liquidated for over $166 million, with Bitcoin shorts accounting for $52.33 million of the last day’s total, followed by Ether ETHUSD shorts at $27.26 million. 
Bitcoin’s big move also pushed its market dominance back above 58%, which is close to the highest it has been since April 2021, according to TradingView. 
Analysts have speculated when the so-called “Uptober” would begin, as October has historically seen positive returns for BTC for nine of the past 11 years.
Bitcoiner Kyle Chassé told his 219,000 followers on X on Oct. 14 that “the tides are shifting,” and we’re heading into one of the most “exciting phases of the market.”
“The next big rally isn’t just a possibility — it’s a reality waiting to unfold,” he added. 
“Pray for the bears,” onchain analyst James Check chimed in.
 Related: Bitcoin’s price return ‘stands apart from the crowd’ — NYDIG
Meanwhile, Ether reclaimed $2,500, topping out at a two-week high of $2,540 following a 2.9% gain in the last 24 hours.
Crypto altcoins have also been predominantly in the green over the last day, with Solana SOLUSD up 4.4% over the past 24 hours.
High-cap altcoins, including BNB BNBUSD, XRP XRPUSD, and Dogecoin DOGEUSD, saw muted gains of less than 1% on the day.