Traders eye $71.5K Bitcoin price as open interest jumps 13%

Ciaran Lyons6 hours agoTraders eye $71.5K Bitcoin price as open interest jumps 13%Bitcoin may be gearing up to move above $70,000 now it has reclaimed a critical level that traders have been closely watching for the past two months.4430 Total views15 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin could be headed toward the $71,500 mark after breaching the $65,000 price point on Tuesday, based on historical patterns as observed by crypto traders. 

The price rebound has also increased interest among future traders betting on Bitcoin’s near-term price movements.

“Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region,” pseudonymous crypto trader Rekt Capital wrote in a July 16 X post, when Bitcoin (BTC) was hovering just shy of $65,000.

Rekt referred to their Bitcoin price cluster chart, which divides price ranges into separate boxes, to show previous times when Bitcoin broke the $65,000 barrier before approaching the $71,500 level, which has already happened four times this year.Source: Rekt Capital

Bitcoin is currently trading at $65,846 at the time of publication, according to CoinMarketCap data. 

If Bitcoin moves to $71,500, the next significant stage will be Bitcoin’s all-time high of $73,649, reached on March 13.Bitcoin shorters think otherwise

However, a huge amount of short positions are at risk of being liquidated at $71,500, meaning many future traders are confident the price won’t reach that level for now.

Approximately $1.47 billion in short positions will be wiped at $71,500, according to CoinGlass data.

Despite this, the past five days has rebuilt confidence among future traders, as Open Interest (OI) — the total number of outstanding Bitcoin options contracts traders hold at a given time that have not yet been executed — has spiked 13% over the same period.Bitcoin Open Interest is currently $33.10 billion. Source: CoinGlass

Related:Bitcoin price rally to $65K fueled by ‘complete exhaustion’ from sellers — Glassnode

Meanwhile, pseudonymous crypto trader Mags pointed out that Bitcoin’s recent price decline to $56,649 on June 12, falling below the 200-day moving average — could be a signal that Bitcoin could repeat its historical patterns seen in August 2023, where Bitcoin jumped 17.5% to $47,000 in just two months.

“If a similar pattern repeats after the recent dip, we could see $70,000+ for Bitcoin soon” Mags stated in a July 16 X post.

Pseudonymous crypto trader Yoddha believes the sharp decline was a “fakeout to trap all the panic sellers.”

Magazine:Coinbase will not mention ‘crypto’ in five years: Avichal Garg, X Hall of Flame

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# Bitcoin Analysis# MarketsAdd reaction