Bitcoin is back above $114,000 on Monday morning, following a liquidation event on Friday that saw many altcoins lose 70% within minutes.
Spot Bitcoin ETFs recorded $4.5 million in outflows on Friday, while spot Ethereum ETFs saw $174.8 million in net outflows.
In the past 24 hours, approximately 189,320 traders were liquidated for a total of $620.93 million. On Oct.10, liquidations reached $19.2 billion, with long positions accounting for $16.7 billion.
Could The Aftermath Of The 2020 Liquidation Candle Replay?
Ted Pillow highlighted that Bitcoin currently sits between two critical liquidity clusters: $109,000-$113,000 and $117,000-$121,000.
Pillows also pointed out that Bitcoin has been lagging global M2 money supply growth. Last week’s market reset, however, suggests the worst may be behind us, and BTC could now begin catching up, with a potential $150,000 target by Q4 end.
For Ethereum, Pillows noted a strong bounce above the $4,060 support, showing a V-shaped recovery. The next level to reclaim is $4,250, after which bulls may take full control.
Crypto Tony noted that Solana remains strong above the $175 support zone, with a near-term target around $203, likely followed by a wave 2/B pullback. As long as bulls defend $190, upward momentum is expected to continue.
Meme coin market capitalization rallied 11.5% over the past 24 hours to $67.98 billion, based on CoinGecko data. Solana meme coins account for the highest gains of 19% while others like Dog-themed, Cat-themed and AI Meme all seeing increase of around 12%.
Trader Tardigrade reminded the market that Dogecoin has historically faced significant price drawdowns of roughly 80%, often followed by substantial rallies, highlighting the cyclical nature of the meme coin.
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Bitcoin’s ‘Worst-Case Scenario’: A Sharp Decline To $96,000 If One Level Isn’t Reclaimed Fast
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$BTCBitcoin – United States dollar$114333.02-0.66%Overview$DOGEDogecoin – United States dollar$0.2061-0.59%$ETHEthereum – United States dollar$4086.49-1.67%$SHIBShiba Inu – United States dollar$0.0000110.47%$SOLSolana – United States dollar$192.89-2.18%$XRPRipple – United States dollar$2.571.71%Market News and Data brought to you by Benzinga APIs
