Bitcoin Breaks $65,000: $71,500 in Sight?
Bitcoin (BTC) stormed past the crucial $65,000 mark on Tuesday, igniting excitement among traders. This surge, fueled by recent events, could propel Bitcoin towards the $71,500 level, according to some analysts.
Rekt Capital, a prominent crypto trader, highlighted the significance of Bitcoin's breakout, noting a potential climb to the $65,000-$71,500 range. This prediction is based on historical price patterns where Bitcoin has consistently approached $71,500 after exceeding $65,000.
However, caution is advised. A significant amount of short positions are at risk of liquidation if Bitcoin surges further. Data from CoinGlass reveals that $450 million in short positions could be wiped out at $66,500.
The recent 12.56% surge in Bitcoin over the past week was partially attributed to the failed assassination attempt on former US President Donald Trump. This event boosted investor confidence and the broader cryptocurrency market.
Despite the potential for liquidation, Open Interest (OI), a key indicator of market sentiment, has witnessed a remarkable 13% increase in the past five days. This indicates a resurgence in confidence among futures traders, with $34 billion currently locked in Bitcoin options contracts.
A Bullish Trend?
While short positions face potential liquidation, the majority of traders are currently holding long positions, with $2.28 billion at risk if Bitcoin falls back to $62,200. The recent surge and positive market sentiment suggest a bullish outlook for Bitcoin, with the potential for further gains.
Comments
Join Our Community
Sign up to share your thoughts, engage with others, and become part of our growing community.
No comments yet
Be the first to share your thoughts and start the conversation!