Bitcoin spiked above $20,000 on Oct. 25 as risk assets benefited from new U.S. dollar weakness. Data from cointelegraph market pro and trading view showed BTC/USD hitting highs of $20,191 on Bitstamp.
The move came in tandem with rising United States equities, these in turn buoyed by a declining US dollar which lost traction against major trading partner currencies on the day. With that, Bitcoin saw its first trip above the $20,000 mark since Oct. 7.
Data from monitoring resource Coinglass meanwhile showed the extent to which the market had been short on the day. Short-position liquidations for Bitcoin alone topped $165 million on the day. A multimonth high, with the tally still increasing at the time of writing. Cross-crypto short liquidations amounted to more than $400 million.
The $20,000 zone had been marked by a cluster of sell orders totaling in excess of $110 million. With bulls managing to make a considerable dent with the impulse.
In a potential knock to crypto, however, the U.S. dollar index (DXY) showed signs of recouping its daily losses at the time of writing, attempting to clinch 111 as support.
