The long-awaited October breakout for Bitcoin has stalled as long liquidations hit a 28-month high, with whales selling 24.1K BTC at a loss.

Bitcoin’s highly anticipated gains for October have failed to materialize, leaving market participants disappointed. Despite starting the business week on a strong note, briefly surpassing $64,400, Bitcoin’s upward momentum proved to be short-lived.

The asset soon began to retreat, with its price falling to $62,000 by midweek. As the decline intensified, Bitcoin plummeted to $60,400 on Thursday, reaching a multi-week low of $58,800 later that day.

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