Bitway [BTW] has extended its rally from $0.45 to $2.75 over approximately three weeks, beginning September 21st. On October 14th, the token gained 46% in 24 hours to $2.61, outperforming Bitcoin and the broader market.
The rally coincided with increased trading volume, which rose 61.74% to $149.71 million. The token then reached a new all-time high at $2.75 before retracing to $2.53 at the time of reporting.
Overbought Signals Emerge
The Relative Strength Index (RSI) stood at 81.43, indicating extreme overbought conditions. This metric typically suggests vulnerability to near-term declines as traders may lock in profits.
Liquidation Dynamics
Bitway's rapid climb toward $2.80 forced bearish traders to close positions, contributing to a short squeeze. Over 24 hours, the token accumulated over $3.48 million in total liquidations. Short liquidations accounted for $3.20 million, while long liquidations represented $274.78k.
When price rejection occurred at $2.75, pressure shifted to leveraged buyers. Long position liquidations reached approximately $23.43k within one hour, indicating losses for late entrants.
Key Support and Resistance Levels
The $2.40–$2.50 range represents critical support. If Bitway holds this area, it may stabilize and attempt recovery toward $2.63 resistance. A break below $2.40 could trigger a deeper pullback toward $2.05–$2.10.
Concentrated liquidity clusters exist around $2.25–$2.32, which could accelerate downward pressure if selling increases. Defending the $2.40–$2.45 zone may allow buyers to regain control and challenge the $2.68–$2.75 resistance area.
