Bitcoin bears hope price wont reach 70K as short positions surge

Bitcoin short sellers may be hopeful that the asset will not surpass $70,000 in the near future, as there is a significant risk of liquidations if it does. CoinGlass data reveals that an astonishing $1.67 billion worth of short positions will be liquidated if Bitcoin returns to the $70,000 price level, which it has been trading below since June 8. Over the past seven days, Bitcoin has experienced a 3.23% decrease. Pseudonymous crypto trader Ash Crypto noted on June 17 that there is an overwhelming amount of Bitcoin short liquidations accumulating at the upper end. CoinMarketCap data indicates that a 7.46% increase from the current price of $65,136 would bring Bitcoin to $70,000. On June 18, Discover Crypto CEO Joshua Jake stated that the markets are currently extremely bullish and that Bitcoin and ETH liquidations are stacked, suggesting an imminent bounce. Bitcoin’s open interest (OI), which represents the total value of all unsettled Bitcoin futures contracts across exchanges, has declined by 10.99% since its all-time high on June 7, amounting to $33.55 billion. However, Bitcoin’s OI is still 82% higher than it was on January 1. While a decrease in open interest may signify a deteriorating trend, an increase in open interest suggests growing market interest. In early June, leading up to June 7, Bitcoin’s OI surged by over $2 billion in just three days, leading traders to speculate that it could trigger a sudden “whipsaw” effect on its price. Willy Woo, a crypto analyst and creator of onchain data resource Woobull, believes that a significant liquidation wipeout will position Bitcoin for new all-time highs. He stated on June 19 that there needs to be a substantial number of liquidations before further bullish activity can occur. Woo is not the only analyst to describe Bitcoin’s recent price action as “boring” since the Bitcoin halving on April 20. Global Macro Investor’s head of research, Julien Bittel, referred to this period as “The Boring Zone before The Banana Zone.” It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.