Bitcoin Surges to $84K, Ether Recovers to $2,546 Amid $164M Liquidation Surge and Rising Greed

Bitcoin Rebounds Over 1% to $84,000, Ethereum Follows as Shorts Squeezed

The cryptocurrency market has shaken off the shadow of last week’s ETF outflows, with Bitcoin climbing 1.18% in the past 24 hours to $83,950, reaching an intraday high of $84,199 and a low of $82,804.65. The digital currency has thus reclaimed the $84,000 level. Ethereum saw a larger gain of 1.66%, trading at $2,546.59, with its 24-hour trading range between $2,497.85 and $2,555.22.

According to CoinGlass data, total liquidations across the network in the last 24 hours amounted to $164 million. Of this, short positions accounted for $114.6 million, while long positions made up $49.56 million. This indicates that the current price surge was primarily driven by short covering and a short squeeze, rather than a significant influx of new capital.

Market Sentiment Boosted by US Stocks, ETF Outflows Show Diminishing Impact

Last Friday, all three major US stock indices closed higher, with the Dow Jones Industrial Average gaining 423.31 points (0.83%) to 51,654.95, the Nasdaq Composite rising 0.64% to 27,366.17, and the S&P 500 advancing 0.59% to 7,811.54, supporting risk appetite for assets. Meanwhile, the significant outflow of $487 million from Bitcoin spot ETFs last Friday, the largest in 90 days, appears to have had a diminishing impact on price. The cryptocurrency did not fall below the $80,000 support level and has continued to climb since the market opened this Monday.

Altcoins Follow Suit, Bitcoin Consolidates

Other major cryptocurrencies also saw gains. Solana rose 1.56% to $111.65, with a 24-hour high of $112.75. XRP was up 0.89% to $1.4102. Bitcoin’s peak over the last 14 days was $86,789.89 on October 2nd, with its recent low at $80,651.78 in the early hours of October 9th. The current price is trading between these levels, indicating a period of consolidation.

Technical Indicators Suggest Mixed Signals for Bitcoin and Ethereum

On the technical front, Bitcoin closed at $83,773 on its daily chart. The 14-day Relative Strength Index (RSI) stands at 54.6, indicating a neutral zone. The closing price is below the 20-day Simple Moving Average (SMA) of $84,264 but above the 50-day SMA ($80,964) and the 200-day SMA ($72,018). The Moving Average Convergence Divergence (MACD) shows a bearish arrangement, but its histogram has narrowed compared to the previous day, suggesting weakening momentum. Key resistance levels are the SMA20 at $84,264, the upper Bollinger Band at $86,575, and the 30-day high at $87,396. Support levels are the lower Bollinger Band at $81,953, the SMA50 at $80,964, and the 30-day low at $74,968.

Ethereum closed at $2,537 on its daily chart, with a 14-day RSI of 44.6, suggesting a slightly weak trend. The closing price is below the 20-day SMA ($2,652) and the 50-day SMA ($2,557) but above the 200-day SMA ($2,135). The MACD also displays a bearish arrangement with a narrowing histogram, and the price is close to the lower Bollinger Band ($2,487). Resistance levels are the SMA50 at $2,557, the SMA20 at $2,652, and the 30-day high at $2,807. Support levels include the lower Bollinger Band at $2,487, the 30-day low at $2,359, and the SMA200 at $2,135.

Fear and Greed Index Shows Continued Optimism

The Fear and Greed Index currently stands at 69, an increase of 8 points from the previous day’s 61, placing it in the “Greed” territory. Over the past eight days, the index has ranged between 59 and 73, consistently remaining in the greedy zone. This suggests that market participants’ risk appetite is recovering. However, the index has yet to break through the upper bound of the 73 range, indicating that high-level volatility may continue in the short term.