🚀🚀🚀 Traders eye $71.5K Bitcoin price as open interest jumps 13%
Bitcoin Eyes $71,500 Target Following $65,000 Breakthrough
Bitcoin's price has surged past the $65,000 mark on Tuesday, sparking speculation that it could now head towards the $71,500 level. This prediction is based on historical patterns observed by #Cryptotraders .
Current Market Sentiment
- Price Action: Bitcoin recently surpassed $65,000, with traders targeting $71,500. Pseudonymous trader Rekt Capital noted on July 16 that past breaches above $65,000 often lead to prices nearing $71,500, a pattern seen four times this year.
- Current Trading Price: As of publication, Bitcoin is trading at $65,846 according to CoinMarketCap. If the price reaches $71,500, it will be approaching the all-time high of $73,649 achieved on March 13.
Market Dynamics
- Short Positions: A significant amount of short positions are at risk of liquidation at $71,500. CoinGlass data indicates that approximately $1.47 billion in short positions will be wiped out if Bitcoin hits this level. This suggests that many traders believe the price will not reach $71,500 in the near term.
- Open Interest: Over the past five days, Open Interest (OI) — the total number of outstanding Bitcoin options contracts that have not yet been executed — has increased by 13%, indicating renewed confidence among future traders.
- Historical Patterns: Trader Mags noted that Bitcoin's recent dip to $56,649 might repeat past patterns, as a similar dip in August 2023 led to a 17.5% rally. If history repeats, Bitcoin could reach $70,000 soon.
- Market Reactions: Trader Yoddha described the recent decline as a "fakeout" intended to trap panic sellers, suggesting that the current price action could be part of a larger bullish trend.
Overall, while there is a strong case for #bitcoin☀️ reaching $71,500 based on historical trends, the risk of short position liquidations and recent market fluctuations indicate that the path forward may be complex.
Source - cointelegraph.com
