Bitcoin price is creeping up again, rising to a new all-time high above $71,000 in the early hours of Monday. As the price rise continues, a record number of shorts have been compromised, with a rise of less than 10% from now on will result in $1 billion of shorts being liquidated.
$1 billion in shorts at risk of liquidation
Crypto trader and analyst Ash Crypto contacted X (formerly Twitter). part a chart that showed the number of short positions at risk as the price of Bitcoin rises. The chart shared in the post showed that short liquidation leverage had risen above $1 billion.
These short leveraged positions had risen along with the price, with a large number of crypto investors expecting the price to crash after rising to a new all-time high. However, Bitcoin seems to have other plans in mind as its price nears $72,000 and the risk of liquidations for these positions increases.
For these positions, Bitcoin reaching $75,000 would be detrimental to them. At this price level, more than $1 billion worth of short positions will be liquidated. “$1,000,000,000 worth of shorts will be liquidated if BTC reaches $75,000,” Ash Crypto revealed.
Will Bitcoin Stop Soon?
Bitcoin price has risen 10.33% over the past week and shows no signs of stopping anytime soon. However, the debate over whether this rise or fall will continue continues to heat up as crypto analysts far and wide make their own predictions.
One crypto analyst knows the name MarcPMarkets suggests that Bitcoin’s price could hit resistance and then fall again if Bitcoin fails to properly clear the $70,000 mark. But the analyst also explains that there is a possibility that the positive price action will continue if the price breaks above and breaks above $71,500.
At the time of writing, Bitcoin is trading above $71,700, showing that it has breached the analyst’s indicated level. What remains now is to see if the cryptocurrency is able to post a daily close above $71,500, something that would be incredibly bullish in terms of price. In this case, the BTC price could rise to $80,000 after this breakout.
Bitcoin’s move above $71,000 has already had a significant impact on traders in the past day. More than $333 million was lost by traders in one day. But interestingly, most of the liquidations (64.29%) are long positions, according to the researchers facts from Coinglass.
BTC price reaches new ATH | Source: BTCUSD on Tradingview.com
Featured image of, Tradingview.com Atlantic Council chart
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