Bitcoin is currently experiencing an uptick in average realized losses, with a 7-day moving average reaching $6.7 million. This surge in losses suggests a potential increase in trading volumes for the upcoming week.
As of now, Bitcoin is trading below $67,300 in the short term. In order to reach new all-time highs, bulls will need to reclaim this level. Flavius Co., the mind behind InScrypto, highlighted the importance of surpassing the $67,300 mark to continue the upward momentum.
There is also concern surrounding the significant amount of open interest on the short side of Bitcoin. With over $10 billion in BTC short positions, there is a risk of liquidation if the price approaches $72,000. This could result in heightened price volatility.
The market is closely monitoring the potential trigger point for short-sellers at $72,000. The ability of Bitcoin bulls to break through the $67,300 resistance level will be crucial in determining the next move for the cryptocurrency. Traders and investors are anticipating a pivotal moment in Bitcoin’s trajectory.
With the cryptocurrency market poised at a critical juncture, the coming days will be vital in shaping Bitcoin’s future. Observers will be closely watching price movements to gauge the sustainability of the current levels and anticipate any potential pullbacks.
Tags: BTC
