The world’s largest cryptocurrency, Bitcoin (BTC), has been facing significant selling pressure since June 7. Previously finding support at $71,000, BTC’s price has dropped to $68,500. At the time of writing, Bitcoin is trading at $69,404 with a market value of $1.37 trillion.

Notable Increase in Bitcoin Hedge Fund Net Shorts

Analyst Zerohedge reported a dramatic increase in Bitcoin hedge fund net shorts, reaching a new record level. This increase indicates extreme bearish expectations among hedge funds and suggests potential market volatility if these positions are forced to unwind. The analyst compared this situation to historical short squeezes like Volkswagen and GameStop (GME), suggesting a similar dramatic shift could occur in the Bitcoin market.

$68,500 Level is Critical

Meanwhile, crypto analyst Ali Martinez reported that $68,500 is a crucial support level for Bitcoin. Martinez emphasized that maintaining this support level is essential for Bitcoin’s upward movement to continue. According to him, if Bitcoin can stay above this level, it may potentially recover and see further gains.#btc #eth #bnb #Write2Earn!