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Analysis: Bitcoin breaking through $65,000 means the price is preparing to enter the range of $65,000 to $71,500

Analysis: Bitcoin breaking through $65,000 means the price is preparing to enter the range of $65,000 to $71,500

Bitget2024/07/17 05:58
BTC+0.48%

An analyst from Rekt Capital stated that Bitcoin breaking through $65,000 means the price is preparing to enter the range of $65,000-$71,500. If BTC rises to $71,500, the next important stage will be the high point of $73,649 reached on March 13th. However, a large number of short positions face the risk of being liquidated at $71,500. This implies many futures traders believe that prices will not reach this level currently.

According to CoinGlass data, about $1.47 billion in short positions would be liquidated at $71,500. Despite this though over the past five days futures traders' confidence has rebounded with open interest (OI) contracts (the total number of unexecuted Bitcoin options contracts held by traders at a specific time) surging 13% during the same period.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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