Fast Take
On Friday, Oct. 20, Bitcoin breached the $30,000 mark first time since August, edging inside touching distance of its 12 months-to-Date (YTD) excessive in July at roughly $31,500. The resilience of the cryptocurrency was particularly noteworthy, given the backdrop of prevailing geopolitical uncertainty, indicating a mystifying market habits.
Over the weekend, Bitcoin constantly hovered round $30,000, a transfer primarily pushed by a major quantity of liquidations. Within the previous 24 hours, liquidations exceeded $120 million, with quick liquidations constituting roughly $85 million of that whole. Notably, Bitcoin was answerable for practically $23 million of those shorts.
Since Oct. 16, there was a pronounced surge in every day quick liquidations, reinforcing the notion of Bitcoin’s robustness within the face of market volatility.
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