BTC has just crossed the $71K psychological level and surged to a seven-month high of $71.5K. The upswing brought its ‘Uptober’ gains to 10%, marking an effective breakout from its multi-month consolidation range since March 2024.
As per the data, almost $88M worth of short positions were liquidated after BTC broke above the $71K psychological level. Majority of shorts got liquidated at $70k level with nearly $83 million in losses in the past 24 hours.
While the recent improvement was great for BTC, the weak reading meant that investor interest was still relatively low compared to March, when BTC hit a new all-time high, On the daily price chart, BTC was in a bullish market structure. It is only 3.5% away from its ATH and could soon hit price discovery.
However, it hit resistance, and a bearish order block (red) formed at March’s ATH. For the uptrend to continue in the short term, BTC had to clear the $72K-$73.5K roadblock.
As of now, at the time of writing this article, BTC is trading around $71,200 and has seen has huge price jump of 4.7% in the last 24 hours, while its trading volume has surpassed $48B with an increase of over 115% and has a market capitalization of $1.41 Trillion.