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Home»TRADING NEWS»Bitcoin short selling occurred as the price approached $70,000.
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Bitcoin short selling occurred as the price approached $70,000.

By Crypto FlexsJune 20, 20243 Mins Read
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Bitcoin short selling occurred as the price approached ,000.
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A significant number of short Bitcoin positions are at risk of being wiped out if the price of Bitcoin reverts to $70,000, a level it has not reached in the past 12 days. According to data from CoinGlass, if Bitcoin rises again to this price range, a staggering $1.67 billion in short positions will face liquidation.

Increased Liquidations and Market Sentiment

Bitcoin, which has been trading below $70,000 since June 8, is currently trading at $66,251. According to Tradeview, if Bitcoin rises 7.46% from current levels, it will reach the $70,000 level. Over the past week, Bitcoin has fallen 3.23% (1), adding to the anxiety of short sellers.

Ash Crypto, a pseudonymous cryptocurrency trader, highlighted this tension in a recent post, citing the potential for significant short-term liquidations. Despite the recent price decline, market sentiment remains optimistic. Joshua Jake, CEO of Discover Crypto, emphasized this optimistic outlook, noting that liquidations for both Bitcoin and Ethereum are piling up, suggesting a price rebound is imminent.

Open Interest Trends and Implications

Bitcoin’s open interest (OI), i.e. the total value of all open or outstanding Bitcoin futures contracts, has seen notable fluctuations. Bitcoin’s OI has fallen 10.99% to $33.55 billion since hitting an all-time high on June 7. However, it is still 82% higher than on January 1.

Rises and falls in open interest can indicate various market trends. A decreasing open interest can indicate a weakening trend, while an increase can indicate increased market interest. In early June, Bitcoin’s OI surged by more than $2 billion in just three days, leading traders to anticipate a potential “tycoon” effect on the Bitcoin price.

Road to a new all-time record

Prominent cryptocurrency analyst Willy Woo has suggested that Bitcoin may need a significant liquidation event to hit new all-time highs. Woo, founder of on-chain data resource Woobull, believes Bitcoin will need a significant number of liquidations to resume its upward trend.

“A significant amount of liquidation is needed before everything becomes clear for further bullish activity,” Woo wrote on June 19. He also explained that it is essential for Bitcoin to endure more “pain and boredom” before hitting new all-time highs. Wu is not alone in feeling this way. Other analysts have also described Bitcoin’s recent price action since the Bitcoin halving on April 20 as “boring.”

Julien Bittel, head of research at Global Macro Investor, agrees with this view. He described the current stage as a “boring zone” before Bitcoin enters what he calls the “banana zone,” implying that this period of stagnation is a precursor to more significant price movements.

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