The increasing frequency with which Bitcoin attains higher support levels combined with a lack of significant speculation in the derivatives markets implies a slim chance of its price dropping to $50,000 in the near future, says Dylan LeClair, a senior analyst at UTXO Management. In his analysis dated April 7, LeClair posits that a rise in Bitcoin’s price to the $70,000-$75,000 bracket could exert substantial pressure on short sellers. LeClair observes, “As we’ve consolidated, an increasing amount of short liquidations are building from 70-75k.” Data from CoinGlass suggests that a surge to $70,000 could trigger liquidations worth approximately $174.17 million.
