Bitway [BTW] has extended its rally from $0.45 to $2.75 in roughly three weeks. The rally, which began on the 21st of September, reflects a sharp shift in market momentum. On the 14th of October, Bitway went up 46% in 24 hours to $2.61.
This move outperformed Bitcoin [BTC] and the broader market. Meanwhile, trading volume rose along with the price, a sign of stronger participation behind the rally. Specifically, it rose by 61.74%, reaching $149.71 million.
Notably, the token continued its rally, creating a new all-time high at $2.75. However, the rally encountered resistance near it. This may be as a result of some traders locking in profits gained from the rally.
The token later on retraced back to $2.53, where it was trading as of writing time. Furthermore, the RSI stood at 81.43, which places Bitway in extreme overbuy conditions.
Therefore, it is likely that a short-term decline will occur due to being in an extremely overbought position.
Still, the long-term outlook is positive, as long as buyers continue to protect the area between $2.40 and $2.50. If Bitway can hold onto this range, it may be able to establish stability in the price and possibly lead to an additional try at the $2.63 resistance.
Conversely, losing $2.40 could trigger a deeper pullback toward $2.05–$2.10, testing whether recent gains reflect sustained demand or speculative momentum.
Bitway’s short squeeze faces rising liquidation pressure
Bitway’s rapid climb toward $2.80 forced bearish traders to close positions, which caused a continuation of the rally due to short squeeze. Over 24 hours, the token accumulated over $3.48 million in liquidations.
Of that, short liquidations accounted for $3.20 million, while longs accounted for $274.78k of the total.
However, when the price was rejected at $2.75, it shifted pressure back to the leveraged buyers since the price fell from $2.45 to $2.50. Long position liquidations were approximately $23.43K within an hour.
In other words, this simply implies that late buyers were already taking a loss.
Below that zone sits concentrated liquidity clusters around $2.25–$2.32, which push the prices further downwards should the selling accelerate.
On the other hand, defending the $2.40–$2.45 zone may help buyers regain control and challenge $2.68–$2.75. This is because this is where the next support lies, where buyers could absorb the selling pressure.
All together, these levels could determine whether BTW stabilizes or extends its correction.
Final Summary
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Bitway surged 46%, rising toward $2.75, but overbought conditions raise correction risks.
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BTW risks $2.25–$2.32, while $2.40–$2.45 support could fuel recovery.
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