Bitcoin short sellers are on edge as $1.67 billion of short positions could be liquidated if Bitcoin returns to $70,000, a level it hasn't seen since June 8. Despite a 3.23% drop over the past week, markets remain bullish, with a 7.46% increase from its current price of $65,136 needed to hit $70,000. Bitcoin Open Interest (OI), the value of all unsettled Bitcoin futures contracts, has fallen 10.99% since its all-time high on June 7, but is still 82% higher than at the start of the year. Crypto analyst Willy Woo suggests a major liquidation wipeout could pave the way for new all-time highs.