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Bitcoin Spikes Above $89K in Wild Trading Session, Battering Both Bulls and Bears

  • Bitcoin surged above $89,000 before dropping to $87,000, resulting in over $600 million in futures liquidations across both long and short positions.

  • This volatility was the highest since BTC briefly surpassed $73,000 earlier in the year.

  • Altcoins like DOGE, SOL, and APT also saw substantial futures losses, with DOGE experiencing its largest liquidations this year.

  • Uptober Forming Amid Rising Stablecoin Liquidity and Bitcoin Transactions

    01:22

    Uptober Forming Amid Rising Stablecoin Liquidity and Bitcoin Transactions

  • Bitcoin Breaks $64K While Gold Soars

  • ETH/BTC Ratio Slid to Lowest Since April 2021

    00:56

    ETH/BTC Ratio Slid to Lowest Since April 2021

  • Is Bitcoin Losing Its Bullish Momentum?

    00:57

    Is Bitcoin Losing Its Bullish Momentum?

  • Bitcoin (BTC) briefly surged above $89,000 in early Asian hours, before correcting to as low as $87,000, in a wild trading session that saw the asset extend 7-day gains to over 32%.

    The volatility caused nearly $700 million in liquidations on crypto-tracked futures, impacting both longs and shorts (or bets on higher and lower prices, respectively), with $380 million in bearish traders and $290 million in bullish bets evaporated. Such cumulative losses are the highest since early April, when BTC briefly crossed its previous peak at over $73,000.

    (Coinglass)
    (Coinglass)

    BTC-tracked futures recorded over $200 million in short liquidations, followed by $40 million on bearish ether trades.

    Futures of other majors and midcaps, from Solana’s SOL to Aptos (APT) saw over $25 million in losses each — with unusually large figures implying a swift return to riskier bets among crypto traders. These futures typically see liquidations under $5 million in general market conditions.

    Annualized funding rates have spiked to over 30% across some altcoin-tracked futures, Coinglass data shows.

    BTC zoomed more than 7% in the past 24 hours following an unusually bullish weekend, carrying over sentiment for higher prices after Republican Donald Trump’s win at the U.S. presidential elections last week.

    A Republican sweep could see total crypto market cap grow to $10 trillion by the end of 2026 from the current $3 trillion mark, bank analysts say, with price targets of $100,000 by the end of this year.

    Traders warn of a price correction in the short term, however, with a risk of a leverage washout above the $90,000 level and predictions of a slower ascent from current levels to $100,000.

    Edited by Parikshit Mishra.

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    Shaurya Malwa

    Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

    Follow @shauryamalwa on Twitter

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