Bitway (BTW) has surged to record highs, becoming one of the year's strongest cryptocurrency performers. The token reached $2.75 on October 14 before pulling back to $2.45, representing a 27.5% gain in 24 hours and an approximate 5,000% rally since its Binance listing.
The sharp move has inflicted significant losses on bearish traders. Short positions totaling $2.9 million were liquidated in a single day, according to CoinGlass data, compared to $543,000 in long liquidations. The liquidations underscore the volatility accompanying the rally.
What Is Bitway?
Bitway is a cryptocurrency project offering yield-earning products and developing a Bitcoin-compatible blockchain. The BTW token supports staking, rewards, and governance functions.
The recent rally appears to lack a single identifiable catalyst. Binance Wallet campaigns and Bitway Earn programs have encouraged token lockups, while cryptocurrency exchange Bitrue added BTW trading on October 13. Supply constraints may be amplifying price pressure: only 1.5 billion of BTW's 10 billion total tokens are currently in circulation.
The momentum propelled BTW into CoinGecko's most-searched cryptocurrencies list and the top 20 by market capitalization, with the token registering a 41.4% single-day pump.
Technical Indicators Show Mixed Signals
Overbought conditions are emerging. BTW's daily relative strength index reached 81, a level typically associated with overextension. Trading volume has also weakened compared to previous rallies.
On the upside, a move above the $2.75–$2.81 range could bring the $3 psychological level into view. Conversely, a daily close below $2.28 would signal declining momentum, while losses below $1.80 could trigger a deeper correction.
Traders Divided on Direction
Some traders are betting heavily on a reversal. Crypto trader Crypto__Haris disclosed a $100,000 short position, predicting a potential 60–80% decline from the current levels. However, such bearish bets have repeatedly resulted in losses, with short squeezes liquidating positions against traders betting on an immediate crash.
Open interest reached $302 million, though funding rates remain slightly negative, suggesting bearish positioning persists despite the rally's strength.
