Bitcoin short sellers hope it won't return to $70,000
In information socialized by Ciaran Lyons for cryptocurrency news portal Cointelegraph he implied that, "Bitcoin short sellers expect the cryptocurrency will not return to USD 70,000 anytime soon; there is a huge amount of liquidations at risk if it does."
To wit, "CoinGlass data shows that USD 1.67 billion in short positions will be liquidated if bitcoin returns to USD 70,000, a price level below which it has been trading since June 8, according to CoinGlass data"
According to Joshua Jake (current CEO of Discover Crypto), "The markets are incredibly bullish right now. The bitcoin and ETH settlements are stacked. There is an imminent rebound."
Liquidations are needed before a new all-time high and according to Willy Woo, cryptocurrency analyst and creator of onchain data resource Woobull, suggested that a major liquidation will better position bitcoin to reach new all-time highs.
Woo also added that, "We still need a solid amount of liquidations before we get the go-ahead for further bullish activity," Woo wrote on June 19." "I know it's annoying, but BTC is not going to break all-time highs until there is more pain and boredom."
SOURCES CONSULTED
Cointelegraph. ‘Insane amount’ of Bitcoin shorters are hoping it won’t go to $70K. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
I believe that for now Bitcoin has performed very well. There was a danger of it falling below $50,000, but it struggled to get below $60,000