Bitcoin traded in the green Thursday after Tesla Inc.’s TSLA searing rally lifted stocks out of losses. 

What Happened: Bitcoin sailed to an intraday high of $68,693 during U.S. evening hours before dipping below $68,000 on profit-taking. 

The world’s largest cryptocurrency took a sharp U-turn after clinching $69,000 earlier this week. Its October gains stood at 7% as of this writing, well below the historical average of 21.57%.

Ethereum failed to rise, wobbling in the $2,500 range throughout the day.

Total cryptocurrency liquidations breached $104 million in the last 24 hours, with long liquidations accounting for half of them.

Bitcoin’s Open Interest rose marginally by 0.05% in the 24 hours. Interestingly, most institutional investors and top traders on Binance bet against the cryptocurrency, as per the Long/Shorts Ratio.

Market sentiment remained in the “Greed” zone, according to the Cryptocurrency Fear & Greed Index, implying a bullish sentiment

Top Gainers (24-Hours)

The global cryptocurrency stood at $2.33 trillion, increasing by 2.05% in the last 24 hours.

Stocks made a strong comeback Thursday The S&P 500 rose 0.21% to end at 5,809.86, snapping a three-day losing streak. The tech-focused Nasdaq Composite gained 0.76% to close at 18,415.49. 

On the flip side, the Dow Jones Industrial Average recorded its fourth straight day of losses, closing 0.33% lower at 42,374.36.

The rally was bolstered by a massive 22% jump in shares of electric vehicle giant Tesla after it reported higher-than-expected third-quarter earnings. Thursday marked the company’s best day since 2013. 

Additionally, the benchmark 10-year Treasury yield dropped below 4.20%, a reversal from the three-month highs earlier this week.

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Analyst Notes: Popular cryptocurrency analyst and trader Rekt Capital said that a weekly close above $67,900 would be the most bullish outcome for Bitcoin under present conditions.

The analyst repeated his previous stance of a “successful retest.”