Could Bitcoin Reach $75,000? A $900 million liquidation event is anticipated by traders.
• Short positions in Bitcoin worth over $900 million will be liquidated if the price rises above $70,000.
• More than $1.15 billion in long Bitcoin positions will be liquidated if the price drops below $66,000.
• Should the price of bitcoin surpass $70,000, Binance will liquidate $315 million in short positions.
Due to the recent spike in price of Bitcoin, traders are nervous. According to Coinglass statistics, there is a substantial amount of money at risk if the cryptocurrency rises beyond $70,000 or drops below $66,000. If Bitcoin rises beyond $70,000, more than $900 million in short bets might be liquidated, while a decline below $66,000 could wipe out almost $1.15 billion.
Since there are more longs than shorts, it is evident that the bulls are currently more in favour of a long-term optimistic prognosis for the digital gold.
If the price of Bitcoin falls below $66,000, investors may see Binance, the largest cryptocurrency exchange in the world, liquidate $381 million worth of long positions in the cryptocurrency. However, more than $315 million in BTC shorts will be liquidated from the cryptocurrency market if BTC breaks above $70,000, which might drive prices higher.
According to data, the price of Bitcoin is currently trading at $67,787, up 8% over the last seven days and more than 1% over the last 24 hours.
in the digital asset’s trading volume, which is presently valued at $28.56 billion and has a $1.34 trillion market capitalization.
Following a recent decline, the Bitcoin accumulation has been steadily increasing, as shown by the TradingView chart below. Bitcoin produced five straight days of bullish candles last week, indicating a rise in buying activity.
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The Relative Strength Index (RSI) for the price action of Bitcoin, however, is 66, indicating that buyers are currently in charge of the currency and raising the prospect of higher prices soon.
Known for his work with US President Joe Biden, Given his anti-crypto policies, decision to not run for office again, and the fact that Donald Trump, the presumed Republican nominee, will speak at the 2024 Bitcoin Conference, investor trust in Bitcoin could soar.
Will Bitcoin Surpass $70,000? It initially appeared on Coin Edition: Traders Prepare for a $900 Million Liquidation Event.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source : CoinEdition