Key Takeaways
Why is crypto on the rise today?
The weekend ending October 26 saw a BTC rally of almost 4% and the altcoin market followed the short-term bullish sentiment, aided by short liquidations that drove up prices.
Is this step sustainable?
Monday’s volume increase was a good sign, but a Bitcoin move past $117,000 is necessary. If this materializes, a jump to the $124,000 mark and a market-wide rebound are more likely.
In 2025 there were 270,000 Bitcoins [BTC] that have been inactive for more than 7 years. This figure is the highest ever in a single year and showed profit-taking activity from long-time holders as Bitcoin hit new all-time highs this year.
Still, this wave of old currency movement was not enough to push the market to fall below the psychological level of $100,000.
The liquidation event on October 10 was also not enough to shake Bitcoin.
There was evidence that whales were taking some of the selling pressure, even as smaller wallets continued to lose their holdings. Additionally, increased whale inventories have not been enough to keep selling pressure at bay, but sellers may be exhausted.
With macro conditions turning favorable for risky assets and foreign exchange reserves falling, long-term conviction outweighed short-term fears.
Stable volume and short liquidations drive BTC higher
AMBCrypto showed in a recent report that Bitcoin was trading within a certain range. It would likely head towards the mid-$116k level after defending the lows.
The combination of technical support at $107.5k and buying volume over the weekend suggested that sellers could be exhausted in the near term.
Furthermore, risk sentiment remained strong for altcoins, which are up 3.86% since October 25.
Liquidations Accelerate BTC’s Climb
Liquidation data shows that short liquidations also fueled the recent move. At that point, CoinGlass data showed that Bitcoin traders liquidated $164 million worth of positions in the last 24 hours.
These market buy orders pushed prices even higher. However, at the time of writing, it was met with middle-class resistance.
Source: BTC/USDT on TradingView
The past 24 hours saw above-average trading volume as the price approached mid-range resistance at $116k. If this level reverses to support, traders can expect a rally to the range highs at $124.5k.
BTC has been chasing liquidity overhead in recent days.
The $116.6k-$118k area saw another cluster of short liquidations that would be the next target. A move past $118k would give the market a bullish week.