On October 13, the price of Bitcoin surged, causing more than $101.4 million in short positions to be liquidated and increasing market dominance above 58%.

Bitcoin Surge and Liquidations

Yesterday, October 13, Bitcoin's price reached above $64,000, recording a one-day gain of about 2.1%. TradingView reported it as the highest price of the month. CoinGlass recorded over $101.4 million short positions liquidated in the ecosystem, with $52.33 million in Bitcoin contracts and $27.26 million in Ether.

Market Developments

Bitcoin's trading dominance in the cryptocurrency market surpassed 58%, comparable to levels last seen in April 2021. Positive trends continued to please traders this month. However, earlier in October, a downturn led to pessimism among traders, and social media flooded with memes titled 'Selltober' and 'Octobear.'

Analysis and Prospects

Cryptocurrency expert Kyle Chasse suggests the market is preparing for substantial growth. He stated, 'the tides are shifting,' and another major rally is imminent. Glassnode analyst James Check added: 'Pray for the bears.' Meanwhile, Ether regained $2,540, and Solana rose by 4.4%. High-cap altcoins like BNB, XRP, and Dogecoin showed moderate gains.

The current situation in the cryptocurrency market reflects optimistic moods due to Bitcoin's strong rise. Nevertheless, analysts caution about possible trend changes.