According to Cointelegraph: Bitcoin traders are nervously eyeing the cryptocurrency's current sideways movement, with a mere $3000 drop risking the liquidation of $2 billion worth of long BTC positions.
Recent data from CoinGlass indicates that traders are making sizeable bets on Bitcoin's price trajectory. Bitcoin experienced a swift $10,000 drop after hitting new all-time highs on March 5, only to rebound shortly after, creating an uncertain climate for investors.
Current market indications suggest that a dip to $64,286 would result in the liquidation of $2 billion in long BTC positions. Meanwhile, a drop to $60,000 could lead to a $2.33 billion wipeout of long positions.
On the other hand, surpassing the recent all-time high of $69,210 would liquidate approx $1.31 billion in BTC short positions, escalating to $1.57 billion at $70,000. Given such potential for wild fluctuations, traders are encouraged to brace themselves for potential volatility.
Despite the chances of a continued uptrend, there are warnings about an imminent correction. CEO and founder of MNTrading, Michaël van de Poppe, has suggested that Bitcoin may rise to the $70,000 liquidity level before facing a potential 30% correction ahead of the block subsidy halving event in April.
