The leading cryptocurrency is on the rise once more, having ascended by an additional two and a half thousand dollars in just the last hour to reach a multi-month high of nearly $68,000.
This spike has intensified speculation that the asset has finally fulfilled earlier predictions suggesting that October would be an exceptionally bullish month.
CryptoPotato reported earlier today that the largest digital currency had recorded remarkable gains by climbing to $66,500, marking a three-week peak at that moment.
Following a brief pause and a minor pullback, bullish momentum seems to have returned as the asset surpassed the $66,500 resistance level, soaring to $67,950 (on Bitstamp) just moments ago.
This marks its highest price since late July when it faced rejection at the highly sought-after $70,000 mark. Today’s increase comes amidst a growing consensus among analysts that the asset’s genuine bull run is just beginning.
It’s important to note that the primary cryptocurrency was priced below $58,000 last Thursday, but it has surged by nearly ten thousand dollars in less than a week since then.
With a majority of larger and smaller-cap altcoins experiencing substantial gains in the past 24 hours, it’s unsurprising that short, over-leveraged traders have faced the brunt of the losses.
Data from CoinGlass indicates that over $260 million has been liquidated in just the past 24 hours, with short positions accounting for the majority at $170 million.
In fact, $65 million has been liquidated in just the past hour, with BTC contributing to nearly half of that amount.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
