Over $2.24 billion in BTC longs will be liquidated if Bitcoin dips below $64,000.
If BTC breaks above $71,000, $720 million in BTC shorts will be wiped off.
If Bitcoin makes a new ATH above $74,000, $860 million in BTC shorts will be wiped off.
Bitcoin (BTC), the world’s largest cryptocurrency, faces significant liquidation if bulls fail to maintain price action above $69,000 in the short term. Data from Coinglass shows that if Bitcoin drops below $65,000, investors could see $2.18 billion in Bitcoin longs wiped out, with $710 million on Binance alone.
Coinglass’s Liquidation Map reveals that over $650 million in BTC longs will be liquidated if Bitcoin falls below $68,000, including $200 million on Binance. A dip to $66,000 would eliminate over $2.02 billion worth of Bitcoin longs, with $636 million on Binance. Should Bitcoin drop to $64,000, a staggering $2.24 billion in BTC longs would be liquidated, with $710 million on Binance.
On the upside, if Bitcoin breaks above $70,000, nearly $350 million in Bitcoin shorts will be liquidated. A surge past $71,000 would wipe out $720 million in BTC shorts, and a new all-time high (ATH) above $74,000 would obliterate close to $860 million in BTC shorts.
At the time of writing, Bitcoin is trading at $69,378, according to the data from CoinMarketCap. Trading volume has dipped 39.71% in the past 24 hours to $21.62 billion, with a market cap of $1.37 trillion. Notably, Bitcoin is just 5.92% shy of its previous all-time high of $73,750, recorded in March.
A major driver behind Bitcoin’s recent surge appears to be the strong possibility of pro-Bitcoin candidate Donald Trump winning the 2024 U.S. Presidential election. With Joe Biden not seeking re-election and Trump having a 60% chance of winning, according to Polymarket, the crypto community is optimistic. Trump has promised to fire SEC Chair Gary Gensler on his first day in office, further fueling bullish sentiment in the crypto market.
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