Bitcoin saw its highest levels since mid-September on Oct. 26 as BTC/USD approached the pivotal $21,000 mark. Data showed the pair tackling $20,700 at the time of writing, up over 7% in 24 hours. What began as an assault on $20,000 continued on the day, liquidations mounting further after already sealing the biggest shorts obliteration of 2022.
According to data from analytics resource Coinglass, Bitcoin alone accounted for $550 million in liquidations in the past 24 hours.
$704 million in cross-crypto shorts were liquidated on Oct. 25, with the Oct. 26 tally so far standing at $275 million. Including long positions, the total was over $1 billion. Discussing what the future could hold for BTC price action, some traders and analysts remained set on previous theories, arguing that the past day’s gains had literal structural impact.
