A heavy amount of Bitcoin short positions will be wiped if Bitcoin returns to $70,000, a price level it hasn’t seen in 12 days.
Bitcoin (BTC) short sellers are probably crossing their fingers in hopes the asset won't return to $70,000 in the near term, with a huge amount of liquidations at risk if it does.
CoinGlass data shows a staggering $1.67 billion of short positions will be liquidated if Bitcoin returns to $70,000 — a price level it has been trading under since June 8, as per CoinGlass data.
“There is an insane amount ofBitcoin short liquidations piling up at the topside,” pseudonymous crypto trader Ash Crypto acknowledged on June 17 in an X post.
