30s Summary

Bitcoin’s price exceeded $65,000 on October 14, a recovery from the drop seen at the beginning of September. It marked a 23% increase and passed a key support level, with the potential to reach $71,165 as a short-term target. Bitcoin also traded above the 200-day simple moving average, suggesting an end to the downtrend since March. A total of $51.57 million bid orders around $63,500 indicate a strong support level. As Bitcoin resumes positive inflows, $193.2 billion leveraged positions have been liquidated, with short traders surprised by the recent upswing.

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On October 14, the price of Bitcoin exceeded $65,000. This increase was seen by experts as a sign for more growth in the Bitcoin market. This information comes from Cointelegraph Markets Pro and TradingView and shows that Bitcoin had risen from $62,450 on October 14, reaching a high of $65,090 during the day. At the time of publication, Bitcoin was being traded at $64,795, a 3.3% increase in the last 24 hours.

So why did the price of Bitcoin go up today?

At the moment, Bitcoin is recovering from its drop that began on September 6. From that time, Bitcoin has risen by more than 23%, going from a low of $52,546 to its current price of $64,795. Famous trader Rekt Capital said that this rise marks a turning point for the crypto. In October, Bitcoin successfully passed a key support level above $65,000. He further stated that this Range Low has been a solid base for almost 8 months now, coinciding with the historic highest price.

At the time of publication, Bitcoin was being traded above this important mark, the 200-day simple moving average, which was at $63,351. Crypto analyst Bullish Traders said that Bitcoin breaking away from this trend was a sign that the uptrend that had made Bitcoin lose its 200-day SMA several times since March was coming to an end. He further stated that he believes the price is about to break this downtrend and rise to $71,165 as the next short-term aim.

The data shows there were bid orders totaling $51.57 million around $63,500, which proves this is a strong support level. The next big challenge for Bitcoin lies between $65,000 to $66,000, which Bitcoin failed to pass in September.

In terms of weekly flow, Bitcoin had a total inflow of $406 million last week. This marked a return to positive flows for Bitcoin after recording net outflows in the week that ended October 4. Short-Bitcoin investment products meanwhile saw an outflow of 6.3 million.

Furthermore, more than $193.2 billion leveraged crypto positions have been liquidated in the last 24 hours, with $121 million liquidated in the last 12 hours. The cryptocurrency trading on the short side has seen liquidations worth $57.17 million. This means that short traders were caught by surprise by Bitcoin’s rise toward $65,000.

Source: Cointelegraph