If Bitcoin returns to the price it has been hovering around for the previous two days before the slight dip, it would wipe a considerable amount of short positions.) quickly rebound from its recent dip to its June 6 price of $71,000, over a billion dollars worth of short positions will be liquidated.
On June 7, Bitcoin dropped 3.33% to $68,507 before slightly recovering above its key level of $69,000, amid broader macroeconomic uncertainty triggered by the United States Employment Situation Summary Report, which revealedThe market plunge led to a $409.51 million wipe out of short and long positions across the board, according to CoinGlassIf Bitcoin returns to $71,000, approximately $1.38 billion in short positions will be liquidated.
However, in the two days prior to the price decline, on June 5 and 6, it hovered between $70,000 and $71,662. Many traders were hopeful it might inch closer to its Bitcoin returning to $71,000 would result in the wiping out of $1.38 billion in long positions, as futures traders anticipate further price declines.This comes after investors have been curious as to why Bitcoin's price hasn't surpassed its March all-time highs lately, especially given the 19-day streak of positive“ETF flows are fantastic, but they are not strong enough to exceed the entire ecosystem selling ,” Capriole Investments founder Charles Edwards told Cointelegraph.
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