The recent surge in Bitcoin’s price led to liquidations amounting to over $100 million for crypto derivatives traders who anticipated a market decline. Specifically, on October 14, Bitcoin (BTC) climbed 2.1% within 24 hours, breaking out of a stagnant weekend trading range.

According to TradingView data, Bitcoin peaked at $64,173, reaching levels not seen since September 30 of this year.

Bitcoin Price Chart

Bitcoin’s value exceeded $64,000 for the first time this month. Source: TradingView

In total, more than $101.4 million in short positions across the cryptocurrency market were liquidated, as detailed in data from CoinGlass.

Across the market, 54,649 traders faced liquidation, amounting to over $166 million. Specifically, Bitcoin shorts accounted for $52.33 million, followed by Ether (ETH) shorts at $27.26 million.

Liquidation Statistics

Bitcoin short sellers represented a significant portion of recent short liquidations. Source: CoinGlass

This upward movement in Bitcoin also caused its market dominance to rise above 58%, approaching the highest levels seen since April 2021, according to TradingView.

Market analysts have speculated about October—a month that has historically yielded positive returns for Bitcoin in nine out of the last eleven years—and its potential for bullish trends.

Bitcoin enthusiast Kyle Chassé shared his optimism with followers on October 14, suggesting that the market is entering an exciting phase, indicating that a substantial rally might be imminent.

In related movements, Ether reclaimed $2,500, peaking at a two-week high of $2,540 after a 2.9% increase in the last 24 hours.

Additionally, many alternative cryptocurrencies have shown positive performance, with Solana (SOL) recording a 4.4% increase throughout the day.

However, larger altcoins such as BNB, XRP, and Dogecoin observed modest gains, all below 1% within the same timeframe.