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Home»ALTCOIN NEWS»What will it take for Bitcoin to move to $70,000?
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What will it take for Bitcoin to move to $70,000?

By Crypto FlexsMarch 7, 20243 Mins Read
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What will it take for Bitcoin to move to ,000?
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  • Despite price volatility, Bitcoin is seeing a surge in trading volume thanks to ETFs.
  • Both long and short liquidations can trigger large movements in price in the future.

Despite the massive fluctuations in Bitcoin (BTC) price, overall interest in BTC has remained high. BTC’s surge in liquidity demonstrated growing interest in the currency.

Looking at the current status of ETFs

According to recent data, approximately $1 billion worth of Bitcoin ETF trading volume has been seen each week since its launch, totaling $8.11 billion.

Bitcoin experienced a 15% peak-to-trough retracement this week, marking its second biggest decline since the ETF was launched.

The initial drawdown that occurred when the ETF was launched was 20%. The recent decline presents an opportunity for large outflows from ETFs, especially after significant gains since January 11, triggering strategic moves to de-risk and capture profits.

The five ETFs with the lowest inflows, totaling $660 million, appear to be relatively unimportant in terms of tracking.

Notably, GBTC was at a 50% discount at one point, indicating that investors holding it may not be overly concerned about a 20% decline.

Despite seeing $10 billion in outflows, the decline appears shallower and ETFs have revolutionized the landscape with the most successful launch in history.

With declines of more than 30% expected based on past cycles, ATH before the recent halving is challenging the norm. The evolving dynamics in the changing buyer profile are evident, especially with no outflows and increased inflows over the last two days.

Moreover, the market environment is undergoing significant changes as the Bitcoin supply has been halved in less than 50 days.

Source: Sand Analysis

At press time, Bitcoin was trading at $66,719.75, down slightly 0.42% over the past 24 hours.

About $2.2 billion worth of long positions will be liquidated if the price falls to $63,200, while short positions worth about $2.4 billion will be liquidated if BTC surges to $70,000.

If the price falls to trigger a long liquidation, selling pressure may intensify and lead to further downward momentum as traders liquidate their positions.


Read Bitcoin (BTC) Price Prediction for 2024-25


Conversely, if the price rises to $70,000 and a selling liquidation occurs, a selling squeeze may occur, causing a sharp upward movement as traders rush to cover their positions.

These liquidation levels act as critical points in the market, potentially amplifying price volatility and contributing to rapid and substantial price movements.

Next: Ethereum: Are Traders Making Big Investments in ETH? The data…

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