Bitcoin (BTC) will force liquidation of $2 billion in long positions if it drops by just $3,000 from its current levels.
Recent data from CoinGlass, a monitoring resource, reveals that traders are taking massive risks with their bets on the future of BTC’s price.
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Bitcoin trader: “Welcome to volatility city”
Bitcoin has been experiencing extreme volatility, dropping $10,000 in just a few hours after reaching new all-time highs on March 5. This has created a unique situation for traders on exchanges.
At the moment, the spot price is hovering around $67,400, with traders placing large bets on both the bullish and bearish sides, according to data from Cointelegraph Markets Pro and TradingView.
The stakes are high, as a dip to $64,286 could result in $2 billion worth of long BTC positions being liquidated, as shown by CoinGlass. Even a drop to $60,000 would see $2.33 billion in longs being wiped out, which is still higher than the bounce zone of the $10,000 red daily candle.
On the other hand, breaking the latest all-time high of $69,210 would result in around $1.31 billion of BTC shorts being liquidated, with the number increasing to $1.57 billion at $70,000.
To put things into perspective, BTC/USD recently saw a $1,000 move up and down in just one minute after the latest Wall Street open.
“We’re now seeing $1K candles in 1 minute,” exclaimed popular trader Daan Crypto Trades on X (formerly Twitter).
New 30% BTC price correction warning
According to Cointelegraph, the current all-time high for Bitcoin is a significant psychological barrier for those involved in the market. This area also represents a point of price discovery, with some hodlers still waiting to break even on coins purchased at the previous highs in November 2021.
There is a wide range of opinions among analysts on how high BTC/USD could go, with some predicting six-figure targets while others believe a top is imminent. Michaël van de Poppe, founder and CEO of trading firm MNTrading, falls into the latter group.
In a recent update, Van de Poppe stated, “What’s next? We’ll sweep to $70K and take liquidity as a scenario.” He also believes that Bitcoin has little room left to run before the April block subsidy halving event, and predicts a potential 30% correction when it does occur.
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