{"id":504825,"date":"2022-10-29T14:04:34","date_gmt":"2022-10-29T11:04:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-hits-new-6-week-high-as-ethereum-liquidates-240m-more-shorts\/"},"modified":"2022-10-29T14:04:34","modified_gmt":"2022-10-29T11:04:34","slug":"bitcoin-hits-new-6-week-high-as-ethereum-liquidates-240m-more-shorts","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-hits-new-6-week-high-as-ethereum-liquidates-240m-more-shorts\/","title":{"rendered":"# Bitcoin hits new 6-week high as Ethereum liquidates $240M more shorts"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a417b1760873\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a417b1760873\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-hits-new-6-week-high-as-ethereum-liquidates-240m-more-shorts\/#%E2%80%9D_Bitcoin_hits_new_6-week_high_as_Ethereum_liquidates_240M_more_shorts_%E2%80%9C\" >&#8221; Bitcoin hits new 6-week high as Ethereum liquidates $240M more shorts &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-hits-new-6-week-high-as-ethereum-liquidates-240m-more-shorts\/#Dollar_lurks_as_BTC_price_rebounds\" >Dollar lurks as BTC price rebounds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-hits-new-6-week-high-as-ethereum-liquidates-240m-more-shorts\/#ETH_liquidations_keep_coming\" >ETH liquidations keep coming<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_hits_new_6-week_high_as_Ethereum_liquidates_240M_more_shorts_%E2%80%9C\"><\/span>&#8221; Bitcoin hits new 6-week high as Ethereum liquidates $240M more shorts &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-4b69a2fe>Bitcoin (BTC) attempted to retake $21,000 on Oct. 29 as weekend trading began on a strong footing.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/ff14c49f-799b-458e-afb0-bbfb9442ebed.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Dollar_lurks_as_BTC_price_rebounds\"><\/span>Dollar lurks as BTC price rebounds<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a> followed BTC\/USD as it rebounded overnight to local highs of $21,078 on Bitstamp \u2014 enough to clinch new six-week highs.<\/p>\n<p>The pair had seen a consolidatory phase ensue after its first <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a> to the $21,000 mark, the first time it had traded above $21,000 since Sep. 13.<\/p>\n<p>The subsequent retracement was modest in character, Bitcoin not even testing $20,000 before reversing higher once more. <\/p>\n<p>The end of the Wall Street trading week saw BTC price action follow United States equities, the S&amp;P 500 and Nasdaq Composite Index finishing Oct. 28 up 2.5% and 2.9%, respectively.<\/p>\n<p>In his most recent <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> update, popular trader and analyst Il Capo of Crypto maintained an existing theory over how short-term price action would unfold.<\/p>\n<p>\u201cSame same,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoCapo_\/status\/1586005794763706369\">summarized<\/a> alongside a chart showing potential upside and downside target levels.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/69bc6e90-754e-43e3-9fe6-007a634cd170.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Il Capo of Crypto\/ Twitter<\/em><\/figcaption><\/figure>\n<p>A cautionary macro note came from fellow trader John Wick, who warned that the United States dollar may make a return to pressure risk assets.<\/p>\n<p>\u201cNow we watch to see if we get a green Dot breaking above the Track line there,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ZeroHedge_\/status\/1586020419584536576\">commented<\/a> on a chart of the U.S. dollar index (DXY):<\/p>\n<blockquote><p>\u201cIf so that\u2019s a bad combo leading into Fed announcement Nov 2nd.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/00315455-4733-48fb-b79e-4443d54ad244.png\"><figcaption style=\"text-align: center;\"><em>U.S. dollar index (DXY) annotated chart. Source: John Wick\/ Twitter<\/em><\/figcaption><\/figure>\n<p>Wick was referring to next week\u2019s Federal Reserve announcement on interest rate hikes, these widely expected to match September\u2019s 0.75% increase.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"ETH_liquidations_keep_coming\"><\/span>ETH liquidations keep coming<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Seemingly still skeptical of bulls\u2019 abilities to produce further gains, trader liquidations were once again mounting on the day.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin weak hands \u2018mostly gone\u2019 as BTC ignores Amazon, Meta stock dip<\/em><\/strong><\/p>\n<p>Data from monitoring resource Coinglass showed shorts getting <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/LiquidationData\">burned<\/a> by the return to $21,000, with the tally for Oct. 29 totaling $95 million at the time of writing.<\/p>\n<p>By contrast, the day prior had seen just $14 million of liquidated shorts, while Oct. 25 and 26 combined delivered $661 million.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/58df7317-feda-497e-aa4a-ce00da4457f3.png\"><figcaption style=\"text-align: center;\"><em>BTC liquidations chart. Source: Coinglass<\/em><\/figcaption><\/figure>\n<p>\u201cRetail all does the same thing and wonders why it never works out,\u201d trading account IncomeSharks <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IncomeSharks\/status\/1586234847273840640\">wrote<\/a> on Twitter, citing a Cointelegraph article on liquidations impacting Ether (ETH) shorts:<\/p>\n<blockquote><p>\u201cRecord shorts at the bottom, record liqudiations at the bottom. Follow the herd and get slaughtered.\u201d<\/p><\/blockquote>\n<p>ETH short liquidations on Oct. 29 were already at $240 million at the time of writing and looked set to eclipse previous days\u2019 totals.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/72ad8c8a-2a09-476e-aac2-0f3ef3350225.png\"><figcaption style=\"text-align: center;\"><em>ETH liquidations chart. Source: Coinglass<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here 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 conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-hits-new-6-week-high-as-ethereum-liquidates-240m-more-shorts\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin hits new 6-week high as Ethereum liquidates $240M more shorts &#8220; Bitcoin (BTC) attempted to retake $21,000 on Oct. 29 as weekend trading began on a strong footing. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Dollar lurks as BTC price rebounds Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it rebounded&#8230;<\/p>\n","protected":false},"author":1,"featured_media":504826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvMDMzOWY5Y2QtOTVkNC00ZTgwLWJkZGYtNTI1YTY0ODQ5Nzk1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,82402,74891,73785],"class_list":["post-504825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-ether-price","tag-ethereum","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/504825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=504825"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/504825\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/504826"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=504825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=504825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=504825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}