Bitcoin (BTC) is down 3.23% over the past week, but bear traders could lose $1.67 billion if the cryptocurrency returns to $70,000. 😰 According to CoinGlass, this level of BTC price has not been observed since June 8.

According to CoinMarketCap, to reach this level, Bitcoin would need to increase by 7.46% from its current price of $65,136.

However, open interest (OI) in Bitcoin has declined 10.99% since hitting an all-time high on June 7, now standing at $33.55 billion.

Despite this, Bitcoin's OI is 82% higher than at the beginning of the year.

Analysts suggest that a significant number of liquidations are needed for Bitcoin to reach new all-time highs.