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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