Bitcoin witnessed a dramatic price rise, breaching the $64,000 mark after climbing 7.7% from $59,400 in just four days. This unexpected surge resulted in $182 million worth of liquidations. Short sellers, expecting a decline, suffered the most, with Coinglass data revealing that short positions accounted for $115.76 million of the liquidations.
Crypto exchanges highlighted in these liquidations are Binance and OKX, with Binance experiencing $77.33 million worth of wiped-out positions. Notably, 54.23% of Binance's liquidations were from bears. OKX also saw significant figures with $58.71 million liquidated and a short position rate of 62.84%, further emphasizing the positions' miscalculation.
As Bitcoin continues its rally, the return of the 'Uptober' sentiment could spark a surge similar to September's. If the rally persists throughout the month, more short sellers might close their positions to avoid additional losses, potentially driving Bitcoin's price even higher due to reduced selling pressure from these market exits.
