92% of Bitcoin liquidations were shorts: What happens when the squeeze ends?
Bitcoin rose 1.51 per cent to US$84,055.22 in 24 hours, and Ethereum rose 0.97 per cent to US$2,471.00. The total crypto market cap rose 1.36 per cent. A rebound in technology and AI stock sentiment lifted risk appetite across both assets. Bitcoin showed a 79 per cent correlation with the S&P 500, and its 24-hour […] The post 92% of Bitcoin liquidations were shorts: What happens when the squeeze…
Bitcoin rose 1.51% to US$84,055.22 and Ethereum gained 0.97% to US$2,471.00 in a 24-hour period. The crypto market cap increased by 1.36%. Technology and AI sentiment drove Bitcoin's rally, with Bitcoin showing a 79% correlation to the S&P 500 index. The short squeeze saw US$84.26 million in liquidations, with 92% of that amount coming from short sellers.
Ethereum's rally was partly due to a supply-side catalyst, as Bitmine staked an additional 159,728 ETH worth around US$390 million, reducing sell pressure. Both assets benefited from a risk-on trend in correlated assets, including a surge in technology and AI stock sentiment. The Federal Reserve's rate decision on October 28 will be a key macro trigger for Bitcoin's next move, while Ethereum's upcoming testnet upgrade on October 26 could provide renewed focus.
A decisive close above US$87,000 or US$2,500, respectively, would confirm bullish momentum, while a drop below key support levels could signal renewed weakness.
Written by urgent.news from e27's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
