Bitcoin Hovers Above $68,500 as Weekend Dip Prompts $230 Million in Liquidations Before US Election

Cryptocurrency exchanges experienced a surge in long liquidations of traders positions over the weekend, as the price of bitcoin dropped over 4% from a high of over $71,000 on Friday to now hover above the $68,500 mark. Total liquidations across centralized exchanges amounted to over $230 million, with the majority being long positions at around $150 million liquidated. Bitcoin was the leading cryptocurrency in terms of liquidations, with almost $51 million liquidated in the past 24 hours. Analysts suggest a cautious market due to bitcoin's sideways price action and a reduction in leveraged perpetual futures positioning. The upcoming U.S. presidential election and the Federal Open Market Committee (FOMC) meeting are contributing to the cautious sentiment. In the options market, there is increased buying of $75,000 call options set to expire at the end of November, reflecting growing demand for upside exposure. The spot price of bitcoin is expected to chop around the current range until there is more clarity on the election results. In the broader cryptocurrency market, bitcoin is trading flat over the past 24 hours, while the GMCI 30 index has risen roughly 0.58% to 120.65.