Bitcoin Reaches $114,000 as Ethereum, XRP, and Dogecoin Stage Recovery From $20 Billion Loss
Bitcoin has swiftly surged back to prices exceeding $114,000 after a recent flash crash led to a 70% decline in many altcoins. Reports revealed that Spot Bitcoin ETFs experienced outflows of $4.5 million on Friday, while Ethereum ETFs saw net outflows of $174.8 million. The market witnessed 189,320 traders being liquidated over the past 24 hours, resulting in a substantial total of $620.93 million. In addition, October 10th saw liquidations amounting to a staggering $19.2 billion, with long positions accounting for most of it, totaling $16.7 billion.
There is speculation surrounding the possibility of a repeat of the 2020 liquidation candle aftermath. Financial analyst Ted Pillow has identified Bitcoin’s current position as crucial, hovering between liquidity clusters ranging from $109,000 to $113,000 and $117,000 to $121,000. Pillow emphasized that Bitcoin has been trailing behind global M2 money supply growth but suggested that the worst could be over, hinting at the potential for BTC to reach $150,000 by the end of Q4. As for Ethereum, Pillow pointed out a strong rebound above the $4,060 support level, displaying a V-shaped recovery. The next critical level for Ethereum to reclaim is $4,250, paving the way for bulls to assert control.
Crypto analyst Crypto Tony remarked on Solana’s resilience above the $175 support zone, eyeing a short-term target of around $203, potentially followed by a pullback. As long as the $190 mark is protected by bullish investors, an upward momentum is expected to persist.
In the market of meme coins, data from CoinGecko indicated an 11.5% rally in market capitalization to $67.98 billion over the past day. Solana meme coins displayed the most significant gains, climbing 19%, while others like Dog-themed, Cat-themed, and AI Meme recorded increases of approximately 12%.
Trader Tardigrade emphasized that Dogecoin has a historical tendency to experience notable price declines of around 80%, often succeeded by substantial rallies. This cyclical pattern within the meme coin market serves as a reminder of its volatile nature.
Looking ahead, the crypto community is keeping a close eye on various digital assets, with significant attention on Bitcoin’s potential levels, Ethereum’s recovery, Solana’s performance, and the volatility patterns of meme coins. Traders and investors are navigating through these uncertainties with cautious optimism and strategic moves to capitalize on potential market opportunities.
