Bitcoin Price Skyrockets by $2.5K in Minutes to Highest Levels Since July, Is Uptober Finally Here?

The primary cryptocurrency is on the run again, having surged by another two and a half grand in the past hour or so to a multi-month peak of almost $68,000.

This has fueled the speculation that the asset has finally materialized on the previous assumptions that October will be a highly bullish month.

CryptoPotato reported earlier today that the largest digital asset had charted some impressive gains by soaring to $66,500, which was a three-week peak at the time.

After a minor stagnation and a brief correction, the bulls seem back in charge as the asset broke out of the $66,500 resistance level and jumped to $67,950 (on Bitstamp) minutes ago.

This became its highest price tag since late July, when it was actually rejected at the coveted $70,000 level. Today’s surge comes amid a growing number of analysts predicting that the asset’s actual bull run is just getting started.

Bitcoin/Price/Chart 15.10.2024. Source: TradingView

It’s worth noting that the primary cryptocurrency stood below $58,000 last Thursday, but has added nearly ten grand in less than a week since then.

With most larger- and lower-cap alts registering impressive gains over the past 24 hours, it’s no wonder that short, over-leveraged traders have been harmed the most.

Data from CoinGlass shows that more than $260 million have been liquidated in the past 24 hours alone, with short positions taking the lion’s share with $170 million.

In fact, $65 million has been wrecked in the past hour alone, with BTC responsible for almost half of it.

Cryptocurrency Liquidations. Source: CoinGlass