“Insane” Short Interest Above BTC $70K

Bitcoin short sellers are likely anxiously hoping the asset stays below $70,000 in the near term, with significant liquidations at risk if it surges past this level. Data from CoinGlass reveals that a massive $1.67 billion in short positions would be liquidated if Bitcoin reaches $70,000 — a price it has stayed under since June 8.

“There is an insane amount of Bitcoin short liquidations piling up at the topside,” noted pseudonymous crypto trader Ash Crypto in a June 17 post on X.

CoinMarketCap data shows that a 7.46% increase from its current price of $65,136 would push Bitcoin to the $70,000 mark. “Markets are incredibly bullish right now. Bitcoin and ETH Liquidations are stacked. Bounce imminent,” wrote Discover Crypto CEO Joshua Jake on June 18.

Bitcoin’s open interest (OI) — representing the total value of all outstanding Bitcoin futures contracts across exchanges — has decreased by 10.99% since its all-time high on June 7, now standing at $33.55 billion. However, Bitcoin OI is still 82% higher compared to January 1.

While declining open interest can indicate a weakening trend, rising open interest suggests growing market engagement. Earlier in June, Bitcoin’s OI increased by over $2 billion within three days, leading traders to anticipate a potential “whipsaw” effect on its price.

Crypto analyst Willy Woo, creator of onchain data resource Woobull, suggested that a major liquidation wipeout could better position Bitcoin to achieve new all-time highs. “We need a solid amount of liquidations still before we get the all-clear for further bullish activity,” Woo stated on June 19. “I know it sucks, but BTC is not going to break all-time highs until more pain and boredom plays out,” he added.

Woo is not the only analyst to describe Bitcoin’s recent price movement as “boring” following the Bitcoin halving on April 20. “Basically, it’s The Boring Zone before The Banana Zone,” wrote Global Macro Investor head of research Julien Bittel on June 19.