Bitcoin Eyes $70K as Trump’s 2024 Chances Rise, Liquidations Loom
- Over $2.24 billion in BTC longs will be liquidated if Bitcoin dips below $64,000.
- If BTC breaks above $71,000, $720 million in BTC shorts will be wiped off.
- If Bitcoin makes a new ATH above $74,000, $860 million in BTC shorts will be wiped off.
Bitcoin (BTC), the world’s largest cryptocurrency, faces significant liquidation if bulls fail to maintain price action above $69,000 in the short term. Data from Coinglass shows that if Bitcoin drops below $65,000, investors could see $2.18 billion in Bitcoin longs wiped out, with $710 million on Binance alone.
Coinglass’s Liquidation Map reveals that over $650 million in BTC longs will be liquidated if Bitcoin falls below $68,000, including $200 million on Binance. A dip to $66,000 would eliminate over $2.02 billion worth of Bitcoin longs, with $636 million on Binance. Should Bitcoin drop to $64,000, a staggering $2.24 billion in BTC longs would be liquidated, with $710 million on Binance.
On the upside, if Bitcoin breaks above $70,000, nearly $350 million in Bitcoin shorts will be liquidated. A surge past $71,000 would wipe out $720 million in BTC shorts, and a new all-time high (ATH) above $74,000 would oblitera…
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