BTC Shorts Worth $700M in Jeopardy as Resistance Test Looms

IconCryptoNewsTerminal Staff26 Jul, 2024

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BTC Shorts Worth $700M in Jeopardy as Resistance Test Looms

Analysis: $700M in Shorts Set for Liquidation if BTC Breaks $68K Resistance Traders with short positions on Bitcoin (BTC) worth nearly $700 million could face liquidations if the cryptocurrency decisively surpasses the $68,000 resistance level, according to data from Coinglass cited by Cointelegraph. If BTC manages to reclaim the $68,500 level, Cointelegraph notes that liquidations could exceed $1 billion, potentially fueled by inflows into a potential U.S. spot ETF. Meanwhile, on-chain data reveals that approximately 75% of BTC holders are currently profiting, with their coins trading above their cost basis. This suggests that the market is optimistic about Bitcoin's prospects and could provide support for a move higher.

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