Bitcoin Price Crosses $20K As Daily Crypto Card Liquidations Pass $400M
Bitcoin (BTC) surged above $20,000 on October 25 as risk assets benefited from renewed weakness in the US dollar.
Bitcoin loses three-week highs
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting highs of $20,191 on Bitstamp.
The move came in tandem with rising US stocks, which were in turn strengthened by a falling US dollar, which lost traction against the most important trading partners’ currencies on the day.
With that, Bitcoin saw its first trip above the $20,000 mark since October 7.
“Finally the volatility will start,” Michaël van de Poppe, founder and CEO of trading company Eight, reacted.
“Bitcoin is ready for that relief. Long and strong.”
Trader and analyst Il Capo from Crypto meanwhile the flag BTC is outperforming altcoins in terms of gains, albeit with no end in sight yet.
“It’s fuel to keep going,” he tweeted.
Data from monitoring resource Coinglass, meanwhile, showed the extent to which the market had been short on the day.
Short position liquidations for Bitcoin alone topped $165 million on the day, a multi-month high, with the number still rising at the time of writing.
Cross-crypto short liquidations totaled more than $400 million.
Dollar struggling after quick losses
Meanwhile, following the action, analytics service Material Indicators tracked shifting support and resistance in the Binance order book.
Related: Analyst Puts Bitcoin Price at $30K Next Month with Outbreak
The $20,000 zone had been punctuated by a cluster of sell orders totaling over $110 million, bulls managing to make significant inroads with the momentum.
“FireCharts shows the remaining $83M of the $112M BTC sell wall we saw this morning just moved up,” it confirmed next to a chart showing a heat map of trades.
However, in a potential breakout against crypto, the US Dollar Index (DXY) showed signs of recouping its daily losses at the time of writing, trying to gain 111 as support.
“$DXY finally breaks down today. Expect bids in 109.50-110 range,” Justin Bennett, founder of crypto education platform Crypto Academy, commented.
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