Traders with leveraged positions on Bitcoin (BTC) are warning that the cryptocurrency is at a critical juncture and the price could jump in different directions. According to CoinGlass data, $39 million of leveraged positions in Bitcoin were liquidated in the last 24 hours.

Crypto trader nicknamed HoneyBadger states that the Bitcoin price chart forms a symmetrical triangle, which is a neutral pattern. However, he notes that traders may misinterpret this as a "retest of the triangle" and enter long positions with high confidence.

On the other hand, Andrew Kang, co-founder of Mechanism Capital, is more optimistic. He believes that the upward trend will reach new all-time highs following the Bitcoin halving on April 20.

Bitcoin is currently trading around $70,500 and has tested the $68,500 support level three times in the past week, according to CoinMarketCap data.

HoneyBadger states that it prefers to stay on the edge of the market during this period of high volatility. Similarly, crypto trader Jelle advises his followers to hold their hands off and not get ripped off by being “washed in leverage.”

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