The price of BTC needs a 5% dip to clear $2B of Bitcoin longs
If Bitcoin (BTC) drops just $3,000 from current levels, it will eliminate $2 billion in BTC long positions.
Data from monitoring source CoinGlass shows traders making big bets on BTC's price trajectory.
Bitcoin Trader: “Welcome to the Dynamic City”
After hitting new all-time highs on March 5th after falling below $10,000 within hours, Bitcoin has rebounded, creating an upbeat atmosphere on exchanges.
Traders are placing big bets on both sides of the current spot price heading toward $67,400 after the March 7 Wall Street open, according to data from Cointelegraph Markets Pro and TradingView.
CoinGlass emphasizes how much is at stake: it only takes a dip of $64,286, for example, to liquidate $2 billion of long BTC positions.
$60,000 would see a long chop of $2.33 billion, which is still higher than the $10,000 red daily candle.
On the upside, a break of the recent high of $69,210 would wipe out nearly $1.31 billion of BTC shorts, reaching $1.57 billion at $70,000.
As a reminder of market potential, BTC/USD has seen moves up and down $1,000 within minutes of the recent Wall Street open.
“Making $1K Candles in 1 Minute Now,” popular trader Daan CryptoTrades responded on X.
“Welcome to the dynamic city.”
New 30% BTC price adjustment warning
According to Cointelegraph, the all-time high represents a significant psychological barrier for current Bitcoin market participants.
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Beyond that, price discovery awaits, with some buyers waiting years to break even on coins bought at previous highs in November 2021.
Analysts' opinions on how high BTC/USD can go are wildly varied, with six-figure targets mixed with recent bullish calls.
Among the latter camp is Michael van de Pop, founder and CEO of trading firm MNTrading.
“What's next? We will clear up to $70k and take liquidity as a condition,” he wrote in part of a recent X update.
Later, Van de Pop doubled down on the idea that Bitcoin had some room to run before April's block grant halving event.
He argued that when the correction comes, it could be 30%.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
