Bitcoin (BTC) just bounced over $65,000, settling comfortably at $65,580 like it owns the place. A 3% uptick got the market buzzing, and anyone still sidelined is probably scratching their head right now. So, what’s juicing this latest pump? You got central banks flipping dovish, China dropping stimulus like candy, and on-chain activity lighting up the charts. The crypto whales are circling, and the chatter’s all about Bitcoin’s next stop: $70,000. Nobody wants to miss this boat, especially with Q4 heating up.
Meanwhile, Ethereum (ETH) decided to tag along, bumping up 1.5% and landing at $2,665. CoinGecko data doesn’t lie — the big dogs are back on the prowl.
Shorts Get Liquidated, Bulls Feast
Wanna talk liquidations? CoinGlass data is dishing out the details, and it ain’t pretty for the shorts. $154 million in positions got vaporized in just 24 hours, with short sellers bleeding out $104.2 million. Longs took a lighter hit at $49.8 million, but still, the market’s got that bullish fever.
Now, analysts are eyeing the usual suspects. Ian Lee from Flipster says those juicy 50 bps rate cuts in the U.S. and China are gassing up Bitcoin’s engine. Plus, the U.S. Fed’s next move is on everyone’s radar because more cuts could turn this rally into a moonshot. “People are hedging on the November FOMC like it’s a horse race,” Lee said.
China Stimmy Injects Extra Juice into the Mix
Markus Thielen from 10x Research just threw some extra spice into the pot, pointing to China’s fresh $278 billion stimulus as a key trigger. He’s been around long enough to remember when Chinese capital funneled into Bitcoin back in 2013, sparking wild price moves. This time, he’s calling for Bitcoin to hit $70K in two weeks, give or take. “When China starts printing, Bitcoin’s price engine revs up,” he hinted.
Oh, and don’t sleep on volatility either. Bitcoin’s 30-day realized vol dropped to 41%, so the big boys (you know, institutions) are starting to sniff around. They see low volatility, they smell opportunity, and suddenly, bigger players can take larger bets without sweating bullets.
The Big Players Watch $70K as Resistance Melts
Illia Otychenko from CEX.IO has been tracking Bitcoin’s latest moves, chalking it up to China’s liquidity injection, ETFs getting greenlit, and U.S. GDP data surprising everyone. But there’s more; he’s got his eye on the $66,600–$67,300 zone like a hawk. If Bitcoin cracks that resistance, we could see it leap toward $70K in no time. “It’s all about the supply zone right now. Break that, and we’re running.”
Meanwhile, Vijay Pravin Maharajan from bitsCrunch pointed out that global liquidity is hitting fresh highs. The U.S. rate cuts make borrowing cheaper, and the stablecoin market cap is creeping toward new peaks. Add it all up, and it’s no wonder Bitcoin just broke through $65K like it was nothing.
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