Will Bitcoin Break $70K? Traders Brace for $900 Million Liquidation Event

Bitcoin’s recent price surge has traders on edge, with data from Coinglass revealing a significant amount of money at stake depending on whether the cryptocurrency breaches the $70,000 mark or falls below $66,000. Over $900 million in short positions could be liquidated if Bitcoin surpasses $70,000, while a dip below $66,000 could wipe out over $1.15 billion in long positions.

It is clear that the bulls are currently favoring a long-term bullish outlook for the digital gold and are higher in number since the amount for longs is greater.

For Binance, the world’s largest crypto exchange, if the price of Bitcoin dips below $66,000, investors might see $381 million worth of BTC longs being liquidated. On the other hand, if BTC breaks above $70,000, more than $315 million in BTC shorts will be liquidated from the crypto space, potentially pushing prices higher.

At the time of writing, the price of Bitcoin is trading at $67,787, up by more than 1% in the past 24 hours and 8% in the last seven days, as per data from CoinMarketCap. There was a 60.46% surge in the trading volume of the digital asset, which currently stands at $28.56 billion with a market capitalization of $1.34 trillion.

The chart provided by TradingView below confirms that the accumulation of Bitcoin has been steadily rising after a recent dip. Last week, BTC printed five consecutive daily bullish candles, suggesting an increase in buying volumes.

Meanwhile, the Relative Strength Index (RSI) for the Bitcoin price action is 66, indicating that buyers are currently in control of BTC and suggesting the possibility of higher prices in the near future.

With US President Joe Biden, known for his anti-crypto policies, not seeking reelection and presumptive Republican candidate Donald Trump slated to appear at the 2024 Bitcoin Conference, investor confidence in BTC may surge.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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