Bitcoin (

) reached its highest level since mid-September on October 26, when BTC/USD approached the key $21,000 mark.

BTC/USD Hourly Candlestick Chart (Bitstamp). Source: Trading View
Bears are losing big money as bitcoin rises
Data from Cointelegraph Markets Pro and TradingView showed that the pair was worth $20,700 at the time of writing, up 7% in 24 hours.

What started with a $20,000 onslaught continued on the same day, with liquidations ramping up even more after the biggest short wipeout of 2022 had already been completed.

According to data from the analytical resource Coinglass, over the past 24 hours, Bitcoin alone had to liquidate $550 million.

$704 million worth of cross crypto shorts were liquidated on October 25th, with a total of $275 million as of October 26th. Including long positions, the total amount was more than $1 billion.

Cryptocurrency liquidation schedule. Source: Coinglass
November lows still in place
When discussing the future of BTC price action, some traders and analysts have stuck to previous theories, arguing that the rally over the past day had a literal structural impact.

Related: Analyst Prices Bitcoin At $30k Next Month With Flash

“The fact that this correction is taking place before the latest high is a good sign,” Crypto’s Il Capo told Twitter followers the day before:

“In my opinion, this week we will see the final increase to 21 thousand. Deadlines are October 27 and November 2 (interest rates). Potential bottom around mid-November. Key levels: 21 thousand and 14 thousand”.

Annotated BTC/USD chart. Source: Il Capo at Crypto/Twitter
A fellow Credible Crypto commentator also went on to predict that the $14,000 would never come.

“Nothing I said before has changed enough for me to do another video update – still expect new ATHs in 2023, still don’t expect 14k to be done (cancellation), still think we base before our big momentum. Now it’s just waiting for confirmation of its beginning, ”he concluded.

BTC/USD last hit a local daily high of $20,789 on Bitstamp on September 13th.

Source: CoinTelegraph