Bitcoin Surges Past $66K as Liquidations Exceed $170M

Bitcoin has surged past $66,000 for the first time since September 30, marking a significant milestone in its recent recovery. The cryptocurrency gained over 5% in just 24 hours, driven by renewed optimism surrounding potential economic stimulus in China and favorable macroeconomic indicators in the U.S. Analysts noted that the recent Personal Consumption Expenditures (PCE) data reinforced expectations for a dovish stance from the Federal Reserve, further boosting investor confidence in Bitcoin and other digital assets.

This bullish momentum has led to substantial liquidations in the market, particularly among traders betting against Bitcoin. Over the past day, total liquidations exceeded $77 million for those anticipating a decline in Bitcoin's price. More broadly, forced liquidations on major exchanges surpassed $170 million, impacting over 62,000 users. Specifically, short positions accounted for a significant portion of these liquidations, contributing to the upward pressure on Bitcoin's price.

The overall cryptocurrency market capitalization has also seen a notable increase, rising by over $109 billion in the last 24 hours and currently sitting at approximately $2.406 trillion. With Bitcoin holding a dominant market share of 54.2%, many investors are closely watching to see if this rally can sustain its momentum as October progresses, traditionally known for strong performance in the crypto space.