The average realized losses for Bitcoin have spiked to $6.7 million, based on a 7-day moving average, suggesting a potential increase in trading volumes in the upcoming week.
Average realized losses (7-day moving average) have reached $6.7 million. It appears that we could see a surge in trading volumes next week.
$BTC is currently trading below $67,300 in the short term. Bulls will need to surpass this level in order to aim for new all-time highs soon.
Bitcoin Faces Resistance at $67,300 for New Highs
At present, Bitcoin is below the $67,300 mark in the short term. Flavius Co., the founder of InScrypto, highlighted that Bitcoin bulls must surpass this level to have a shot at reaching new all-time highs in the near future. The $67,300 threshold is seen as a crucial resistance point that needs to be breached to resume the upward trend.
Furthermore, there is a notable concern regarding a large open interest on the short side of Bitcoin. There are over $10 billion in BTC short positions that could be liquidated if the BTC price nears $72,000. Such a significant liquidation could result in high price volatility.
Bitcoin Market Watches $72K Short-Seller Trigger
The current market conditions suggest a pivotal moment for Bitcoin. The ability of the bulls to break past the $67,300 resistance level will be closely monitored by traders and investors. Additionally, it is important to note that short-sellers might have to close their positions at $72,000, potentially marking a turning point for Bitcoin.
As the cryptocurrency market reacts to these crucial levels, the next few days will determine the fate of Bitcoin. Market participants will be observing the price action closely to determine whether the price can be sustained or if further pullbacks are to be expected.