- 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, witnessed in January this year following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
