Bitcoin’s price has seen an ongoing battle to close above the critical $70,000 mark, with recent attempts falling short. This inability to secure a solid close has led to a hit for long traders, who have experienced substantial liquidations.

Despite this, overall market sentiment remains highly optimistic, as traders retain a bullish outlook on Bitcoin’s potential for further gains.

Bitcoin Bulls Lose

Over the last 24 hours, Bitcoin experienced long liquidations totaling $50 million, following a 2% price decline. These liquidations mark the largest losses for long traders in the past two weeks, reflecting the challenges of maintaining price support near the $70,000 level. The recent pullback has impacted investor sentiment, as some traders begin to weigh the potential for further downside.

This wave of long liquidations highlights the volatility inherent in Bitcoin’s price action, as even minor drops can trigger significant market reactions. Despite this, the persistence of long traders is noteworthy.

Many are holding their positions, suggesting a belief in Bitcoin’s ability to overcome these challenges and resume its upward trajectory. This resilience indicates that market confidence remains largely intact, even amid short-term setbacks.

Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024

Bitcoin’s macro momentum appears strong, with Open Interest (OI) reaching an all-time high of $32.9 billion. This peak signals a high level of engagement among traders as more capital flows into Bitcoin despite recent liquidations. 

This elevated Open Interest suggests that Bitcoin’s recent volatility has not deterred trader confidence. Instead, it signals that both in

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Author: Aaryamann Shrivastava