CryptoBitcoinBitcoin Targets $71,500 Amidst Futures Trader Interest

Bitcoin Targets $71,500 Amidst Futures Trader Interest

July 17, 2024 – Bitcoin (BTC) has surged past the $65,000 mark, prompting speculation among crypto traders that it could reach $71,500 in the near term. According to CoinMarketCap data, Bitcoin is currently trading at $65,778.

Pseudonymous trader Rekt Capital emphasized the significance of Bitcoin’s breach of $65,000 in a recent post on X, suggesting that historical patterns indicate a potential climb to the $65,000-$71,500 range. Rekt Capital referred to a Bitcoin price cluster chart that highlights previous instances this year when Bitcoin approached the $71,500 level following a breach of $65,000.

However, not all sentiment is bullish. A considerable number of short positions face liquidation risk if Bitcoin rises to $66,500. CoinGlass data indicates that approximately $450 million in short positions could be wiped out at this level.

The recent Bitcoin surge on July 14, attributed to market reactions following a failed assassination attempt on former US President Donald Trump, resulted in the liquidation of $160 million in short positions. BTC has gained 12.56% over the past week, buoyed by increasing odds of Trump’s potential re-election and heightened investor optimism for the crypto industry.

Currently, futures traders are predominantly positioned in long positions, with leveraged long positions totaling $2.28 billion. These positions face potential liquidation if BTC retreats to the $62,200 level. Despite this, confidence among futures traders has grown, evidenced by a 13% increase in Open Interest (OI) over the past five days. Bitcoin’s Open Interest now stands at $34 billion, according to CoinGlass, reflecting robust interest and trading activity in the cryptocurrency market.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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