The number of “direct” traders continues to rise as Bitcoin does not check levels since September.
Bitcoin
BTC

dial down
$21,247

saw its highest levels since mid-September on Oct. 26, when BTC/USD hit the pivotal $21,000 mark.

BTC/USD 1 hour candle (bit stamp). Source: TradingView
Bears Lose Big as Bitcoin Rises
Data from Cointelegraph Markets Pro and TradingView showed that the pair reached $20,700 at the time of writing, an increase of more than 7% in 24 hours.

What started as an assault on $20,000 continued into the day, liquidations continuing to rise after having sealed the biggest short kill of 2022.

According to data from analytics resource Coinglass, Bitcoin alone accounted for $550 million in liquidations in the last 24 hours.

$704 million in cross-crypto shorts were liquidated on Oct. 25, with a count from Oct. 26 so far of $275 million. Including long positions, the total exceeded $1 billion.

The graph of changes in Crypto. Source: Coinglass
November are still deeply on the table
Discussing what the future might hold for BTC price action, some traders and analysts stuck to previous theories, arguing that the gains of the past day had a literal structural impact.

Related: Analyst Puts Bitcoin Price at $30K Next Month with Breakout Expected

“The fact that this pullback is happening before reaching the latest peak is a good sign,” Il Capo of Crypto told Twitter followers during the previous day’s moves:

“We will see the final push to 21k this week in my opinion. Pivot times are Oct 27 and Nov 2 (interest). Possible bottom mid-Nov. Key levels: 21k and 14k.”

BTC/USD annotated chart. Source: Il Capo de Crypto / Twitter
Fellow commentator Credible Crypto also predicted that the $14,000 will never come.

“Nothing I’ve said in the past has changed enough to force me to do another video update – I’m still expecting a new ATH in 2023, I’m not expecting 14k (invalidation) yet, I still think we’re building on before our big push Now we just have to wait for the confirmation of the start of it”, he summarized.

The last time BTC/USD crossed local intraday highs of $20,789 on Bitstamp was on September 13.

BTC/USD 1-day candle (bit stamp). Source: TradingView
The views and opinions expressed in this document are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.

Source: CoinTelegraph

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