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Home»Bitcoin»What Bitcoin Needs to Move to $70,000
Bitcoin

What Bitcoin Needs to Move to $70,000

2024-03-07No Comments3 Mins Read
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  • Bitcoin is witnessing a surge in volume thanks to ETFs despite price volatility.
  • Both long and short liquidations can trigger massive price movements in the future.

Despite huge swings in Bitcoin [BTC] price, general interest in BTC remained high. An increase in liquidity for BTC demonstrated the growing interest in BTC.

Look at the state of the ETFs

According to recent data, approximately $1 billion worth of Bitcoin ETF volume was seen weekly, totaling $8.11 billion since the launch of the Bitcoin ETF.

This week, Bitcoin experienced a 15% retracement from peak to trough, marking the second significant decline since the ETF’s launch.

The previous drawdown, which occurred at the launch of the ETF, was 20%. This recent dip provided an opportune moment for major ETF outflows, especially after substantial returns since January 11, prompting a strategic move to reduce risks and preserve profits.

The five ETFs with the lowest inflows, totaling $660 million, appear relatively insignificant in terms of tracking.

Notably, GBTC took a 50% discount at one point, suggesting that investors holding GBTC may not be too concerned about the 20% drop.

Despite seeing $10 billion in outflows, the declines, while present, seem more superficial, with ETFs revolutionizing the landscape with the most successful launch in history.

Amid expectations of a decline of more than 30% based on previous cycles, the recent pre-halving ATH challenges conventional norms. The evolving dynamics are clearly visible in the changing buyer profiles, especially as there were no outflows in the last two days and inflows increased.

See also  'Bird Beak Sign' Appears on Bitcoin Price Heikin Ashi Chart, Analyst Explains What It Means

Furthermore, with the supply of Bitcoin set to halve in less than 50 days, the market landscape is undergoing significant shifts.

Source: Dune Analytics

At the time of writing, Bitcoin was trading at $66,719.75, reflecting a marginal decline of 0.42% in the past 24 hours.

About $2.2 billion in long positions will be liquidated if the price drops to $63,200, while about $2.4 billion in short positions will be liquidated if BTC rises to $70,000.

If the price falls and triggers prolonged liquidations, this could intensify selling pressure, leading to further downward momentum as traders unwind their positions.


Read Bitcoin’s [BTC] Price forecast 2024-25


Conversely, short liquidations following a price surge to $70,000 could trigger a short squeeze, causing a rapid upward move as traders rush to cover their positions.

These liquidation levels act as critical points in the market, potentially amplifying price volatility and contributing to rapid and substantial price movements.

Next: Ethereum: Are traders betting big on ETH? Data suggests…

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