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Short-Sellers Get Rekt as Bitcoin Surges Past $28,000 Mark

source-logo  beincrypto.com 02 October 2023 11:04, UTC

The past 24 hours have been challenging for the short-sellers as Bitcoin (BTC) hit the $28,000 mark after spending nearly one month below it. As a result, over $100 million worth of shorts got liquidated.

October has ushered in a bit of pressure on crypto bears. And according to historical bullish patterns in October, the pressure may just be getting underway.

Over $100 Million Worth of Crypto Short Positions Liquidated

According to the data from Coinglass, traders lost over $117.99 million to liquidations in the past 24 hours. While some long positions were also liquidated, the majority of losses came from short positions.

In the past 24 hours, short-sellers ate more than $100 million in losses

Read more: What are Perpetual Futures Contracts in Cryptocurrency?

The markets showed a sudden uptick in the price, particularly in the past 12 hours. The data shows that over $84 million worth of short positions faced liquidations in just the past 12 hours.

Crypto total liquidations. Source: Coinglass

The liquidations came as BTC shot up by nearly 5%, trading at $28,416 at press time. Meanwhile, the Ethereum (ETH) price increased by 3.2% in the past 24 hours.

Among the top 20 cryptocurrencies based on market capitalization, Solana (SOL) has given the highest 24-hour price gain. As of writing, it is trading at $24.11, up by 11.48%. Meanwhile, BeInCrypto reported that Solana’s Total Value Locked (TVL) reached $337.49M, its highest in 2023.

Read more: How to Buy Solana (SOL) and Everything You Need To Know

Solana (SOL) price. Source: BeInCrypto

Is it ‘Uptober?’

The screenshot below shows that October has historically been a bullish month for Bitcoin. Since 2013, BTC has given negative returns only twice, in 2014 and again in 2018.

Bitcoin monthly returns. Source: Coinglass

Due to this, some crypto community members have coined the term “Uptober,” referring to the normal bullish price action for October:

“Is it another UPtober for Bitcoin??”