The post Bitcoin Price Rise a Result of Liquidation of Shorts: Santiment appeared on BitcoinEthereumNews.com.

Bitcoin soared to a daily high of $66,482, aiming for $69,000. Strong liquidation of shorts is a major reason why BTC prices are rising.  The calls for Bitcoin at $70,000 have also skyrocketed recently.  Bitcoin (BTC) surged to the $65,000 price level, reaching a daily high of $66,482. The cryptocurrency hit the resistance zone, and an uptrend will be confirmed if BTC maintains price action above $66,000. Santiment, a blockchain analysis platform, noted this is the first time since September 27th that Bitcoin has broken above the $66,000 price level. The liquidation of shorts in the past 24 hours is a major driving force behind this surge in BTC’s price. Santiment explained: “As traders with short positions were forced to close out (either voluntarily or through margin calls), it resulted in a rapid price increase, sparking even more upward momentum.” Additionally, Bitcoin trading volume also hit a two-week peak as BTC began its surge starting  at 15:35 UTC, Monday. It is important to note that DeFi liquidations for Bitcoin saw their second-highest spike in over three months during the current cycle.  Santiment pointed out that the last time liquidations of this magnitude were seen, “Bitcoin went on a 20-day, +29% price rally.” The blockchain analysis platform believes that another strong rally is on the horizon because historically, massive DeFi liquidations lead to higher prices for Bitcoin. Bitcoin at $70,000?  On Monday, predictions of Bitcoin reaching $70,000 and above rose to their highest levels since August, which suggests that investors are expecting a breakout for the leading digital asset as trading volume also soars. According to CoinMarketCap, Bitcoin is trading at $65,299, up 2.5% in the past 24 hours. Over the past week, the market leader has grown around 4.6%, but BTC remains 11.46% lower than its all-time high of $73,750,…

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Filed under: News - @ October 15, 2024 8:21 am