Bitcoin reached a new high for October, surpassing $64,000 on Oct. 14. The cryptocurrency gained 2.1% in the last 24 hours, hitting $64,173, a level unseen since Sept. 30. This breakout follows a weekend of tight market movement, marking a significant shift in the market.

Massive Short Liquidations

As Bitcoin’s price surged, over $101.4 million in short positions were liquidated across the crypto market, according to CoinGlass. Bitcoin alone accounted for $52.33 million of this figure, with a total of 54,649 traders losing over $166 million. Ether shorts also suffered, with $27.26 million liquidated after the cryptocurrency reclaimed $2,500.

Altcoins in the Green

Several altcoins also saw gains, with Solana up 4.4% in the last 24 hours. High-cap altcoins such as BNB, XRP, and Dogecoin posted more modest gains, each rising less than 1%.

Bitcoin’s market dominance has surged back to over 58%, its highest level since April 2021. Many analysts believe the market is entering a bullish phase, with October historically delivering positive returns for Bitcoin. Bitcoiner Kyle Chassé expressed optimism, stating that the next big rally is not only possible but inevitable.

With Bitcoin and other major cryptocurrencies making gains, traders are keeping a close watch on how long this bullish momentum will last.