Bitcoin's price touches $71,000, but volatility and sell-side pressures loom
Bitcoin’s price briefly touched $71,000, partly propelled by short liquidations.However, Glassnode analysts forecast increased volatility and sell-side pressure from long-term holders.
Bitcoin BTC +1.96% short liquidations jumped to over $20 million in the past 24 hours, helping propel the largest digital asset by market cap to touch the $71,000 mark briefly.
Bitcoin is now changing hands for around $70,700, having increased over 3% in the past 24 hours, according to The Block’s price page .
The rise in bitcoin’s price over the past day saw a total of $27 million in liquidated bitcoin positions. The wider cryptocurrency market was hit by over $87 million in liquidations in the same period. Of these combined crypto liquidations , the majority — around $50 million — were short positions, according to Coinglass data .
According to Tuesday's QCP Capital report, "unprecedented inflow access for traditional capital around the world will undoubtedly keep bitcoin price supported, with bitcoin touching $71,000 into the New York session."
Sell-side pressure increasing from long-term holders
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Market volatility expected in the near term
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