The average realized losses for Bitcoin have surged to $6.7 million, based on a 7-day moving average. This significant increase in losses indicates a potential rise in trading volumes in the upcoming week.
Bitcoin Faces Resistance at $67,300 for New Highs
At the moment, Bitcoin is below the $67,300 in the short term. Flavius Co., the creator of InScrypto, noted that Bitcoin bulls should return to this level to have a chance at new all-time highs in the near future. The $67,300 mark is viewed as a key point of resistance that should be broken to resume the uptrend.
Moreover, there is a significant worry about a large open interest in the short-side of Bitcoin. More than $10 billion in BTC short positions may be liquidated in case the BTC price gets close to $72,000. Such a massive liquidation may lead to a high level of fluctuation in the price.
Bitcoin Market Watches $72K Short-Seller Trigger
The current market trends can be considered to emphasize the performative moment for Bitcoin. The flexibility of the bulls to ensure that the price moved past the $67,300 resistance level will be keenly observed by traders and investors. Also, one must remember that short-sellers could be forced to close their positions at $72,000, which might be a turning point for Bitcoin.
Since the cryptocurrency market continues to respond to these critical levels, the next few days will determine Bitcoin’s fate. Market participants will be watching the price action carefully to determine whether the [ccpw id=60415] price is indeed sustainable or whether more pullbacks may be expected.
