The price of Bitcoin hasn’t quite started the month as widely expected, falling to around the $60,000 mark on Thursday, October 3rd. This bearish pressure is believed to have been triggered by the escalating tension in the Middle East after Iran fired missiles into Israel. However, the premier cryptocurrency seems to be making a turnaround to close the week, bouncing back above $62,000 on Friday. The latest on-chain observation shows that this latest recovery seen with the Bitcoin price is connected to dwindling selling pressure. 4,000 Long Positions Liquidated On October 1 — What Next? In a new Quicktake post on the CryptoQuant platform, an analyst with the pseudonym Caueconomy discussed the impact of the recent liquidations of long positions in the Bitcoin futures market. According to the analyst, the ongoing liquidations have reduced the bearish pressure on the Bitcoin price. Related Reading: Meme Coin Trader Misses A $25 Million Payout After Selling HIPPO On Sui Network Early For context, futures allow investors to speculate on the price of a specific asset (Bitcoin, in this scenario). A long position is taken ..
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