Bitcoin appears poised to target the $71,500 milestone following its breach of the $65,000 price level on Tuesday, based on historical patterns observed by cryptocurrency traders.
The price recovery has sparked increased interest among futures traders speculating on Bitcoin’s short-term price movements.
“Increasing past $65,000 would indicate readiness for movement within the $65,000-$71,500 range,” noted pseudonymous crypto trader Rekt Capital in a July 16 post, when Bitcoin was trading just below $65,000.
Rekt Capital referenced their Bitcoin price cluster chart, which categorizes price ranges into distinct segments, illustrating previous occasions when Bitcoin surpassed the $65,000 threshold before nearing the $71,500 mark. This scenario has occurred four times already this year.Here’s a rewritten version:
Bitcoin is currently priced at $65,846, according to CoinMarketCap data at the time of publication.
Should Bitcoin rise to $71,500, the next significant milestone would be its all-time high of $73,649, achieved on March 13.
Bitcoin Shorts Hold Contrary Views Amid Price Surge
Significant Short Positions Face Liquidation Threat at $71,500 for Bitcoin
There is substantial risk of liquidation for short positions if Bitcoin reaches $71,500, with many futures traders expressing confidence that this level may not be reached in the near term.
CoinGlass data indicates approximately $1.47 billion worth of short positions would be wiped out at the $71,500 mark.
Despite this, confidence among futures traders has been bolstered over the past five days, evidenced by a 13% spike in Open Interest (OI) — the total number of outstanding Bitcoin options contracts held by traders at any given time.
Pseudonymous crypto trader Mags noted that Bitcoin’s recent drop to $56,649 on June 12, slipping below the 200-day moving average, might signal a repetition of historical patterns observed in August 2023. During that period, Bitcoin surged 17.5% to $47,000 within two months.
“If history repeats itself post the recent dip, Bitcoin could potentially surpass $70,000,” Mags stated in a July 16 post.
Another pseudonymous trader, Yoddha, suggested that the sharp decline was a deliberate move to deceive panic sellers
