Bitcoin Breaks Key Resistance, Surges Past $71K
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Bitcoin Breaks $71K, Fuelled by High Demand
Bitcoin (BTC) has surged over 5% in the past 24 hours, breaking past the critical $70,000 resistance level with impressive trading volumes reaching $48 billion. This jump, doubling volumes from the previous day, coincides with notable whale activity on exchanges like Binance and a significant influx of 47,000 BTC into Bitcoin ETFs over the last two weeks. Key election news and the likelihood of favorable conditions for BTC in the U.S. are driving optimism in the market.
Massive Short Liquidations Add to the Upswing
The sharp move higher in Bitcoin led to liquidations exceeding $143 million in short positions, according to data from CoinGlass. This liquidation event, driven largely by BTC shorts ($73 million) and ETH shorts ($39 million), added fuel to Bitcoin’s price momentum as traders closed positions. Market participants see an increasing probability of Donald Trump’s victory, which is widely viewed as positive for the crypto market due to his pro-crypto stance and proposed deregulations.
Crypto Majors Follow BTC's Lead
The bullish sentiment has spread across the broader crypto market, with Dogecoin (DOGE) surging by 15% and other majors like Ether (ETH), Cardano (ADA), and Solana (SOL) also rising by more than 3%. The CoinDesk 20 index, which tracks the largest crypto assets, posted a 3.3% gain, marking an increase in confidence across the digital asset sector.
Technical Outlook: Next Steps for Bitcoin
BTC is currently testing new resistance, with an eye on higher targets if momentum holds. Crypto options traders are focusing on the $75,000 strike price for Bitcoin options expiring in early November, signaling that the market expects further gains. If BTC maintains its momentum, breaking above this target could push the asset to unprecedented highs as macroeconomic factors and political conditions align favorably.
As BTC trades at the top of its recent range, all eyes remain on its potential to breach these technical barriers, with $75,000 as the next key focus.
Bitcoin (BTC) has surged over 5% in the past 24 hours, breaking past the critical $70,000 resistance level with impressive trading volumes reaching $48 billion. This jump, doubling volumes from the previous day, coincides with notable whale activity on exchanges like Binance and a significant influx of 47,000 BTC into Bitcoin ETFs over the last two weeks. Key election news and the likelihood of favorable conditions for BTC in the U.S. are driving optimism in the market.
Massive Short Liquidations Add to the Upswing
The sharp move higher in Bitcoin led to liquidations exceeding $143 million in short positions, according to data from CoinGlass. This liquidation event, driven largely by BTC shorts ($73 million) and ETH shorts ($39 million), added fuel to Bitcoin’s price momentum as traders closed positions. Market participants see an increasing probability of Donald Trump’s victory, which is widely viewed as positive for the crypto market due to his pro-crypto stance and proposed deregulations.
Crypto Majors Follow BTC's Lead
The bullish sentiment has spread across the broader crypto market, with Dogecoin (DOGE) surging by 15% and other majors like Ether (ETH), Cardano (ADA), and Solana (SOL) also rising by more than 3%. The CoinDesk 20 index, which tracks the largest crypto assets, posted a 3.3% gain, marking an increase in confidence across the digital asset sector.
Technical Outlook: Next Steps for Bitcoin
BTC is currently testing new resistance, with an eye on higher targets if momentum holds. Crypto options traders are focusing on the $75,000 strike price for Bitcoin options expiring in early November, signaling that the market expects further gains. If BTC maintains its momentum, breaking above this target could push the asset to unprecedented highs as macroeconomic factors and political conditions align favorably.
As BTC trades at the top of its recent range, all eyes remain on its potential to breach these technical barriers, with $75,000 as the next key focus.