In October, the cryptocurrency market experienced a sharp decline, leading to a loss of $10 billion in market value and over $500 million in liquidations. Ethereum and Bitcoin were particularly affected, with liquidations totaling $109 million and $140 million respectively. The decline was unexpected, as October is historically a bullish month for the market. Bitcoin is now at a crucial point and a breakdown below $60,000 could result in further losses. The majority of liquidations were from long positions, indicating widespread expectations of a bullish rally in October. However, if Bitcoin can recover and stay above the $60,000 mark, there is hope for a late rally in the month.



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