Bitcoin (BTC) short sellers may be hoping that the asset does not return to $70,000 in the near term. CoinGlass data shows that $1.67 billion of short positions would be liquidated if Bitcoin returns to $70,000. This price level has been trading since June 8, according to CoinGlass data.

Bitcoin is down 3.23% in the last seven days. A 7.46% increase from its current price of $65,136 would take it to $70,000, according to CoinMarketCap.

Bitcoin Open Interest (OI) – the total value of all open or unsettled Bitcoin futures contracts across all exchanges – has fallen 10.99% since reaching its all-time high on June 7 and now stands at $33.55 billion.

However, Bitcoin OI is 82% higher than at the beginning of this year. Decreasing open interest can indicate a breaking trend, while increasing open interest indicates increased market interest.

Bitcoin liquidations required for a new ATH

Crypto analyst and creator of onchain data source Woobull, Willy Woo, suggests that a massive liquidation wipeout would put Bitcoin in a better position to hit new all-time highs.

“We still need a solid liquidation amount before we are wide open for further bull activity,” Willy Woo said on June 19.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions. We are waiting your comments.#Bitcoin#Cryptocurrency #Blockchain