The average realized losses for Bitcoin have spiked to $6.7 million, based on a 7-day moving average. This sharp increase in losses suggests a potential surge in trading volumes in the upcoming week.
Average realized losses (7-day moving average) have climbed to $6.7M, hinting at a possible uptick in trading volumes in the coming week. $BTC is currently trading below $67,300 in the short term. Bulls will need to reclaim this level in order to set the stage for new all-time highs soon.
Bitcoin is currently facing resistance at $67,300 for a potential push towards new highs. Flavius Co., the mastermind behind InScrypto, highlighted the importance of Bitcoin bulls breaking through this key resistance level to pave the way for future record highs.
Additionally, there is growing concern over a significant open interest on the short side of Bitcoin. With over $10 billion in BTC short positions at stake, the potential liquidation of these positions could occur if the BTC price approaches $72,000. Such a massive liquidation could result in heightened price volatility.
The cryptocurrency market is closely monitoring the $72K short-seller trigger for Bitcoin. The ability of the bulls to surpass the $67,300 resistance level will be closely scrutinized by traders and investors. It is important to note that short-sellers may be compelled to close their positions at $72,000, which could be a pivotal moment for Bitcoin.
As the market continues to react to these critical levels, the next few days will be crucial in determining the fate of Bitcoin. Market participants will be vigilant in observing the price action to assess whether the current price levels are sustainable or if further pullbacks are on the horizon.
