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Bitcoin short sellers likely continue their trades, hoping it won’t return to $70,000 soon. However, if Bitcoin does return, these investors face significant liquidation risks. CoinGlass data shows a $1.67 billion short position would be liquidated if Bitcoin returns to $70,000.
What’s Happening in the Bitcoin Market?
Popular crypto analyst Ash Crypto revealed on June 17 that an incredible amount of Bitcoin open liquidations have accumulated at the highest level. According to CoinMarketCap data, a 7.46% increase from Bitcoin’s current price of $65,136 would bring the crypto asset to $70,000.
The total value of all outstanding Bitcoin futures contracts on exchanges, known as Bitcoin Open Interest (OI), has dropped by 10.99% to $33.55 billion since reaching an all-time high on June 7. However, Bitcoin OI is 82% higher compared to January 1 of this year.
While falling open positions may indicate a worsening trend, rising open positions signify increasing market interest. Earlier this month, before June 7, Bitcoin’s OI data surged over $2 billion in just three days, leading investors to believe it could have a sudden whiplash effect on the price.
Notable Comments from Experts
Crypto analyst and on-chain data source Woobull creator Willy Woo suggests that a significant liquidation would better position Bitcoin to reach all-time highs. Willy Woo shared the following on June 19:
“We still need a solid amount of liquidation before clearing everything for more bullish momentum. I know it sucks, but Bitcoin won’t break all-time highs until more pain and suffering emerge.”
Willy Woo is not the only analyst to describe Bitcoin’s recent price movement as boring following the Bitcoin halving event on April 20. Global Macro Investor (GMI) research head Julien Bittel stated on June 19 that it is essentially a boring phase before an upward trend.
