As the world’s biggest cryptocurrency, Bitcoin continues to fall short, sellers are making more bets on the downside, hoping the market won’t return to $70,000. According to the on-chain analytics firm CoinGlass, a massive $1.67 billion short position will be liquidated if Bitcoin (BTC) reaches the $70,000 level. This data is gaining massive attention from investors and traders.
$1.67 billion short position may liquidate
However, Bitcoin has been moving below $70,000 since June 7, 2024, and since then, it has continuously struggled to gain momentum, falling below the 50 and 200 EMA (Exponential Moving Averages), indicating a bearish sign. Additionally, if the market continues to fall and BTC reaches the $60,500 mark, nearly $930 million in long positions will be liquidated.
Besides this, Bitcoin’s open interest (OI), which unsettles BTC futures contracts across exchanges, dropped by 10.99% since it reached its all-time high on June 7, 2024, to $33.55 billion. This lower OI value indicates fear in the market, and traders are avoiding BTC this season.
Following this continuous downturn in the crypto market, especially in Bitcoin, a crypto expert posted on X, highlighting that this continuous price fall in BTC has formed a bullish falling wedge pattern. However, the trader also added that stocks are making new highs, and we may see similar momentum.
Additionally, another crypto expert on June 18, 2024, made a post on X, mentioning that the market is incredibly bullish right now and also noted that BTC and ETH liquidations are stacked.
Bitcoin price performance and technical analysis
Currently, BTC is moving near $65,660, and in the last 24 hours, it experienced a decent 0.7% gain. Despite poor performance and several speculations, the 24-hour trading volume dropped by 44% to $19.3 billion, highlighting lower interest from investors and traders. Looking at the performance of BTC over a longer period, in the last 7 days, BTC experienced a price drop of 3%. In the last 30 days, BTC remained relatively stable, with the price only dropping by 2%.
According to expert technical analysis, currently, Bitcoin is looking bullish as it is at a crucial support level near $64,600. If bulls return, we may see massive upside momentum to the $68,000 level in the coming days. However, if BTC fails to sustain this level and falls below $64,600, we may see a significant fall to the $61,350 level.
