Cryptocurrency traders speculate that Bitcoin could rise to $71,500 after breaking through the 65,000 level. This speculation is based on historical patterns they have observed.
The rise in price has also sparked interest among traders expecting short-term fluctuations in Bitcoin's value.
A crypto trader under the pseudonym Rekt Capital wrote about this in his post dated July 16. At that moment, Bitcoin was trading just below $65,000. Rekt relied on its Bitcoin price cluster chart, which divides price ranges into individual blocks. The chart shows that Bitcoin has already broken the $65,000 barrier four times this year before approaching the $71,500 level.
However, those who play to reduce the Bitcoin rate may take a different point of view. There is a risk of a large number of positions being closed out at $71,500, which suggests that many future traders do not believe this level will be reached.
According to CoinGlass, short interest is about $1.47 billion at 71,500.
However, the past five days have restored confidence among future traders, with open interest (OI)âthe total number of outstanding Bitcoin options contracts that traders hold and have not yet exercisedârising 13% over that period.
If a similar pattern repeats after the recent decline, we could soon see over $70,000 for Bitcoin
