Short sellers on the #Bitcoin front are likely continuing their trades in the hope that the asset will not return to $70,000 in the near term, but if Bitcoin does, these investors will face a large risk of liquidation. CoinGlass data shows that a $1.67 billion short position would be liquidated if Bitcoin returns to $70,000, the price level it has been trading below since June 8.

What's Happening on the Bitcoin Front?

Popular crypto analyst Ash Crypto explained in an X post on June 17 that an incredible amount of Bitcoin open liquidations have accumulated at the highest level. According to CoinMarketCap data, a 7.46% increase from Bitcoin's current price of $65,136 will bring the crypto asset to $70,000.

Bitcoin Open Interest (OI), which is the total value of all outstanding Bitcoin futures contracts on exchanges, currently stands at $33.55 billion, down 10.99% since reaching an all-time high on June 7, but Bitcoin OI remains at $33.55 billion at the beginning of this year. 82% higher than January 1.

Decreasing open interest can indicate a worsening trend, while increasing open interest indicates increased market interest. Earlier this month, ahead of June 7, Bitcoin's OI surged to over $2 billion in just three days, leading investors to believe this could have an immediate bullwhip effect on its price.

Remarkable Comments from Famous Names

Willy Woo, crypto analyst and creator of on-chain data source Woobull, suggests that a major liquidation would better position Bitcoin to reach all-time highs. Willy Woo shared the following statements on the subject on June 19:

"We still need a solid amount of liquidation before we get the all clear for further uptrend. I know this sucks but Bitcoin won't break all-time highs until more pain and suffering ensues."

Willy Woo is not the only analyst using the word boring to describe Bitcoin's recent price action following the Bitcoin halving event that took place on April 20. Julien Bittel, head of research at Global Macro Investor (GMI), stated on June 19 that there was basically a dull zone ahead of the uptrend.