Breaking BTC News – How to Profit from Bitcoin Potential Return to $71K?

Breaking BTC News – Analyzing the Impact: Bitcoin Potential Return and the Vanishing $1.38B Shorts

Breaking BTC News – In the event that Bitcoin swiftly recovers from its current decline to its June 6 price of $71,000, short positions worth over $1 billion will be closed. The United States Employment Situation Summary Report, which showed higher-than-expected job creation in May, caused broader macroeconomic anxiety, causing Bitcoin to fall 3.33% to $68,507 on June 7 before marginally recovering over its crucial threshold of $69,000.

In addition to Bitcoin, Ether experienced a 3.02% decrease in value in a single day, while CoinMarketCap data indicates that a number of other cryptocurrencies experienced losses of 5.36%, 8.45%, and 9.86%, respectively. These include Solana, Dogecoin, and Pepe. Based on CoinGlass statistics, the market collapse resulted in a $409.51 million loss on all short and long holdings. Out of that, $56.71 million came from long Bitcoin positions.

Futures Traders Expect Further Decline in Bitcoin

However, traders are hedging their bets in case the price doesn’t rise as swiftly. In fact, $1.38 billion in long positions will be lost if Bitcoin drops back to $71,000, suggesting that futures traders expect more price decreases.

This occurs in response to investor curiosity about why Bitcoin’s price hasn’t recently exceeded its all-time highs from March, particularly in light of the 19-day run of positive inflows into Bitcoin ETFs. Analysts said on June 7 that there are a lot more elements that affect the price of Bitcoin and that the ETFs don’t have enough power.

FAQ

For more up-to-date crypto news, you can follow Crypto Data Space.