Bitcoin reaches $67.9K as $32M in shorts liquidated

Bitcoin (CRYPTO:BTC) surged to a peak of $67,922 on Tuesday at 9:35 a.m. EDT, marking a significant climb and pushing its seven-day gains to 6.7% against the U.S. dollar.

By 10:20 a.m., Bitcoin was trading between $66,905 and $67,101, reflecting a nearly 3% increase. 

This price movement continues the trend of positive returns seen in October, often referred to as "Uptober," with gains now recorded at 3.83%.

The sharp rise led to significant liquidations in the crypto derivatives market. 

According to data from Coinglass.com, more than $32 million in Bitcoin short positions were liquidated within a four-hour period. 

Across the broader crypto market, total liquidations reached $258.23 million, with $160.71 million in shorts taking the brunt of the losses. 

This indicates a wave of traders betting against Bitcoin's rise were caught off guard by the sudden price increase.

At its current trading range of $66,905 to $67,101, Bitcoin is edging closer to its all-time high of $73,737, just 8.3% below this peak. 

The recent uptick has generated optimism among investors, suggesting a potential continuation of the upward trend as Bitcoin navigates through the final quarter of the year.

The move to $67.9K has fueled discussions among analysts, with many attributing the rise to broader market sentiment and increased buying pressure. 

The liquidation of short positions also hints at traders' expectations being overturned, leading to further volatility in the near term. 

At press time, the Bitcoin (BTC) price was $66,892.37.