Dogecoin

Bitcoin ETF

Bitcoin

Pepe

Should Bitcoin quickly rebound from its recent dip to its June 6 price of $71,000, over a billion dollars worth of short positions will be liquidated.
On June 7, Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;dropped 3.33% to $68,507 before slightly recovering above its key level of $69,000 amid broader macroeconomic uncertainty triggered by the United States Employment Situation Summary Report, which revealed <a href="https://cointelegraph.com/news/crypto-market-traders-united-states-labor-employment">more job growth than expected</a>&nbsp;during May.&nbsp;
Along with Bitcoin’s price decline, Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) also saw a 3.58% decline over the 24 hours, and several altcoins, such as Solana’s (<a href="https://cointelegraph.com/solana-price-index">SOL</a>), Dogecoin (<a href="https://cointelegraph.com/doge-price-index">DOGE</a>) and Pepe (<a href="https://cointelegraph.com/pepe-price-index">PEPE</a>), took a hit of 5.61%, 8.70% and 9.99% respectively, <a href="https://coinmarketcap.com/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.&nbsp;
The market plunge led to a $409.51 million wipe out of short and long positions across the board, according to CoinGlass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">data</a>. Of&nbsp;that, $56.71 million were long positions in <a href="https://cointelegraph.com/learn/what-is-bitcoin-a-beginners-guide-to-the-worlds-first-cryptocurrency">Bitcoin</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/8884c234-b1da-484c-b805-470a2adc2160.png" alt="" title="">
 <figcaption style="text-align: center;">
 If Bitcoin returns to $71,000, approximately $1.38 billion in short positions will be liquidated. Source: CoinGlass
 </figcaption>
</figure>
However, two days before&nbsp;<a href="https://cointelegraph.com/learn/the-history-of-bitcoin-when-did-bitcoin-start">Bitcoin’s price</a> decline, on June 5 and 6, it hovered between $70,000 and $71,662. Many traders were hopeful it might inch closer to its <a href="https://cointelegraph.com/news/bitcoin-price-sets-new-record-high-69k">all-time high of $73,679</a>.
<h3 data-ct-non-breakable="true" id="traders-heavily-lean-towards-shorting-bitcoin">Traders heavily lean towards shorting Bitcoin</h3>
Now, traders are hedging their bets that its price might not rebound as quickly.
So much so that if Bitcoin returns to $71,000, $1.38 billion in long positions will be wiped out, indicating that futures traders anticipate further price declines.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/0813309f-1ee5-470e-b9c7-29984bcd4b5d.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/woonomic/status/1799221880844611857" target="_blank" rel="noopener nofollow">Willy Woo</a>
 </figcaption>
</figure>
This comes after investors have been curious as to why Bitcoin’s price hasn’t surpassed its March all-time highs lately, especially given the 19-day streak of positive <a href="https://cointelegraph.com/news/bitcoin-etf-flows-will-send-btc-price-into-parabolic-run-traders-say">inflows into Bitcoin exchange-traded funds (ETFs)</a>.
Related: <a href="https://cointelegraph.com/news/bitcoin-etf-flows-will-send-btc-price-into-parabolic-run-traders-say">Bitcoin ETF flows will send BTC price into ‘parabolic run,’ traders say&nbsp;</a>
On June 7, Cointelegraph reported that analysts indicated that many more factors impact Bitcoin’s price and that the <a href="https://cointelegraph.com/news/bitcoin-etf-inflows-price-stagnant-crypto-traders-analysis">ETFs don’t have enough clout</a>.
“ETF flows are fantastic, but they are not strong enough to exceed the entire ecosystem selling (yet),” Capriole Investments founder Charles Edwards told Cointelegraph.
Meanwhile, crypto trader&nbsp;Christopher Inks reiterated that “the market is made up of spot, futures, ETFs, and options.”
Magazine: <a href="https://cointelegraph.com/magazine/longevity-escape-velocity-jose-luis-cordeiro-biological-immortality-2030/">Longevity expert: AI will help us become ‘biologically immortal’ from 2030</a>

Bitcoin return to $71K would wipe $1.38B shorts

Table of Contents

Cointelegraph

Other articles published on Jun 8, 2024

BlockDAG Surges 1000% with Influencer Support, Outshining XRP Breakout and AVAX Dip

MoonBag’s Top meme coin presale in 2024 Hits $0.25: Dogeverse and Toncoin Feel the Ripple

Roaring Kitty’s GME shares hit $1B, BTC open interest soars, and other news: Hodler’s Digest, Jun...

BlockDAG’s Stellar Ascent and Lunar Revelation Catapult Its Value Beyond Notcoin’s Peak and Chall...

Pepe Price Prediction: Can PEPE Reach New Heights in June?

BlockDAG, Transforms Crypto Mobile Mining with X1 App Beta Launch; Toncoin TVL Increased as Rende...

Join our free newsletter for daily crypto updates!