Bitcoin Price Soars $2.5K In Minutes To Highest Levels Since July, Is Uptober Finally Here?

The major cryptocurrency is on a roll again, having jumped another two and a half thousand in the last hour or so to a multi-month high of nearly $68,000.

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

CryptoPotato reported earlier today that the largest digital asset had posted impressive gains by rising to $66,500, which was a three-week high at the time.

After a small stall and brief correction, the bulls seem to be 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 since late July, when it was actually rejected at the coveted $70,000 level. Today’s rise comes amid a growing number of analysts predicting that the asset’s real bull run is just beginning.

Bitcoin/Price/Chart 15.10.2024. Source: TradingView

It’s worth noting that the main cryptocurrency dipped below $58,000 last Thursday, but has added almost ten thousand euros in less than a week since then.

With most of the larger and lower-cap alternatives posting impressive gains over the past 24 hours, it’s no wonder short and overleveraged traders have been the worst hit.

CoinGlass data shows that more than $260 million has been liquidated in the last 24 hours alone, with short positions taking the lion’s share at $170 million.

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

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