{"id":646373,"date":"2024-10-05T19:00:26","date_gmt":"2024-10-05T19:00:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=646373"},"modified":"2024-10-05T05:48:18","modified_gmt":"2024-10-05T05:48:18","slug":"bitcoin-futures-liquidation-forms-local-price-bottom-a-return-to-65000-inevitable","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-futures-liquidation-forms-local-price-bottom-a-return-to-65000-inevitable\/","title":{"rendered":"Bitcoin Futures Liquidation Forms Local Price Bottom \u2014 A Return To $65,000 Inevitable?"},"content":{"rendered":"

The price of Bitcoin hasn’t quite started the month as widely expected<\/a>, falling to around the $60,000 mark on Thursday, October 3rd. This bearish pressure is believed to have been triggered by the escalating tension in the Middle East after Iran fired missiles into Israel.<\/p>\n

However, the premier cryptocurrency seems to be making a turnaround to close the week, bouncing back above $62,000 on Friday. The latest on-chain observation shows that this latest recovery seen with the Bitcoin price is connected to dwindling selling pressure.<\/p>\n

4,000 Long Positions Liquidated On October 1 \u2014\u00a0 What Next?<\/strong><\/h2>\n

In a new Quicktake post on the CryptoQuant platform, an analyst with the pseudonym Caueconomy discussed<\/a> the impact of the recent liquidations of long positions in the Bitcoin futures market. According to the analyst, the ongoing liquidations have reduced the bearish pressure on the Bitcoin price.<\/p>\n

Related Reading: Meme Coin Trader Misses A $25 Million Payout After Selling HIPPO On Sui Network Early<\/a><\/div>\n

For context, futures allow investors to speculate on the price of a specific asset (Bitcoin, in this scenario). A long position is taken when a BTC trader buys a futures contract, predicting the coin\u2019s price to rise at a later date. The trader incurs a loss when the asset’s price falls below the purchase price specified in the futures contract<\/a>.<\/p>\n

\"Bitcoin\"
Source: CryptoQuant<\/figcaption><\/figure>\n

According to data from CryptoQuant, more than 4,000 long positions were liquidated following the latest price decline<\/a> on Tuesday, October 1, representing the second-largest liquidation event so far this year. Although liquidations reflect significant selling activity and investor losses, they can also signal pivotal shifts in market sentiment.<\/p>\n

The CryptoQuant analyst noted that periods of severe losses and market liquidations often lead to the formation of local price bottoms. \u201cDuring significant price declines, the number of contracts purchased tends to drop sharply due to liquidations, which reduces selling pressure in the market,\u201d Caueconomy said.<\/p>\n

Furthermore, the analyst mentioned that the price of Bitcoin might be gearing up for a short-term recovery due to the reduced selling pressure. However, Caueconomy highlighted the importance of increasing buying strength from the investors for the Bitcoin price to make a full comeback.<\/p>\n

Bitcoin Price At A Glance<\/strong><\/h2>\n

It does appear like the price of Bitcoin established a local bottom around the psychological $60,000 level before a pivotal rebound. As of this writing, the premier cryptocurrency trades around the $62,000 mark, reflecting an over 2.5% increase in the past day.<\/p>\n

Related Reading: FET At Risk Of Further Decline? RSI Signals Sustained Bearish Pressure<\/a><\/div>\n

However, this single-day performance has not been enough to wipe Bitcoin\u2019s 5% price decline over the past week. With selling pressure dropping and the positive price history in October, though, it seems like only a matter of time before the flagship cryptocurrency returns to $65,000<\/a>.<\/p>\n

\"Bitcoin\"
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView<\/a><\/figcaption><\/figure>\n
Featured image created by Dall.E, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

The price of Bitcoin hasn’t quite started the month as widely expected, falling to around the $60,000 mark on Thursday, October 3rd. This bearish pressure is believed to have been triggered by the escalating tension in the Middle East after Iran fired missiles into Israel. However, the premier cryptocurrency seems to be making a turnaround to close the week, bouncing back above $62,000 on Friday. The latest on-chain observation shows that this latest recovery seen with the Bitcoin price is connected to dwindling selling pressure. 4,000 Long Positions Liquidated On October 1 \u2014\u00a0 What Next? In a new Quicktake post on the CryptoQuant platform, an analyst with the pseudonym Caueconomy discussed the impact of the recent liquidations of long positions in the Bitcoin futures market. According to the analyst, the ongoing liquidations have reduced the bearish pressure on the Bitcoin price. Related Reading: Meme Coin Trader Misses A $25 Million Payout After Selling HIPPO On Sui Network Early For context, futures allow investors to speculate on the price of a specific asset (Bitcoin, in this scenario). A long position is taken when a BTC trader buys a futures contract, predicting the coin\u2019s price to rise at a later date. The trader incurs a loss when the asset’s price falls below the purchase price specified in the futures contract. According to data from CryptoQuant, more than 4,000 long positions were liquidated following the latest price decline on Tuesday, October 1, representing the second-largest liquidation event so far this year. Although liquidations reflect significant selling activity and investor losses, they can also signal pivotal shifts in market sentiment. The CryptoQuant analyst noted that periods of severe losses and market liquidations often lead to the formation of local price bottoms. \u201cDuring significant price declines, the number of contracts purchased tends to drop sharply due to liquidations, which reduces selling pressure in the market,\u201d Caueconomy said. Furthermore, the analyst mentioned that the price of Bitcoin might be gearing up for a short-term recovery due to the reduced selling pressure. However, Caueconomy highlighted the importance of increasing buying strength from the investors for the Bitcoin price to make a full comeback. Bitcoin Price At A Glance It does appear like the price of Bitcoin established a local bottom around the psychological $60,000 level before a pivotal rebound. As of this writing, the premier cryptocurrency trades around the $62,000 mark, reflecting an over 2.5% increase in the past day. Related Reading: FET At Risk Of Further Decline? RSI Signals Sustained Bearish Pressure However, this single-day performance has not been enough to wipe Bitcoin\u2019s 5% price decline over the past week. With selling pressure dropping and the positive price history in October, though, it seems like only a matter of time before the flagship cryptocurrency returns to $65,000. Featured image created by Dall.E, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":646381,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,569,679,78790,85078],"class_list":["post-646373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-futures","tag-bitcoin-price","tag-btcusdt","tag-liquidations"],"acf":[],"yoast_head":"\nBitcoin Futures Liquidation Forms Local Price Bottom \u2014 A Return To $65,000 Inevitable?<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin hasn't quite started the month as widely expected, falling to around the $60,000 mark on Thursday. 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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