In the last 24 hours, a close of $190 million worth of crypto was recorded as Bitcoin (BTC) failed to cross the key resistance level of $70,000.
Bitcoin Remains Trapped, Shy With New ATH
In accordance with data from CoinGlass, in the past 24 hours, more than 60,000 traders with positions worth more than $190 million were liquidated as BTC fell from around $69,300 on October 21 to $66,940 at press time.
Interestingly, the closing of Ethereum (ETH) reached $46.2 million, which is almost the same as BTC’s release of $47.7 million. Next were Solana (SOL), Dogecoin (DOGE), and Apecoin (APE), with liquidations of $9.2 million, $8.2 million, and $5.1 million, respectively.
Notably, about 83% of liquidations – worth $159 million – were long positions, while 17% – worth $31 million – were short positions. Binance accounts for about 44% of total withdrawals, followed by OKX at 33% and HTX at 12.4%.
The bias towards long positions indicates that many traders expect BTC to break its all-time high (ATH) of $73,737 soon. However, BTC should start by overcoming the strong resistance at $70,000 to post a new ATH.
According to Singapore-based crypto trading firm QCP Capital, a break above the $70,000 price level is likely to attract retail attention. On Telegram, the company wrote:
However, with no major moves this week, we expect the crypto to reach these levels as it attempts to move higher. In terms of big data, we only have PMI numbers on Thursday (24 Oct) where the market will look for some confirmation if the Fed will stay on its rate-cutting path.
Crypto Analysts Foresee New Bitcoin ATH Soon
Although BTC has not yet exceeded $70,000, several crypto analysts predict that the leading digital asset will be soon record a new ATH.
For example, crypto analyst Crypto Caesar explained to X that, on a weekly basis, BTC is trading within a multi-year ascending channel. According to the analyst, all corrective waves have found support in the upper low area. Add them:
The price is currently completing the 4th correction wave, holding close to the strong support around $66,000. This area coincides with previous resistance levels and now serves as a potential launch site. The expected wave 5 may push BTC to a new potential high, aiming for levels around $100,000 if it breaks the upper resistance near $72,000.
The analyst concluded that a decisive break above the current consolidation and resistance pattern could ignite a major BTC rally.
Another crypto analyst, Ali Martinez, emphasized that the market value recognition value (MVRV) has finally changed is bullish.
For those unfamiliar, the MVRV ratio calculates BTC’s market cap divided by its realized margin – the price at which it was last traded. This ratio helps evaluate whether BTC is overvalued or undervalued relative to its recent trading activity.
The chart below shows that large gains in the price of BTC have often been accompanied by upward movements in the MVRV ratio.
In spite of hope, Google searches for Bitcoin-related keywords just droppedindicating warm selling interest in the property. BTC is trading at $66,940 at press time, down 0.2% in the last 24 hours.
Featured image from Unsplash.com, Charts from X and TradingView.com
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