The Bitcoin market is currently on edge as prominent analyst Crypto Rover warns of a potential liquidation event that could negatively affect the short holders.
With Bitcoin trading within a significant consolidation phase, as revealed by Rover, analysis suggests that over $3 billion in short positions could face liquidation should Bitcoin climb back to a specific price mark.
Bitcoin Bears Beware Of This Price Range
According to Rover, the crucial price mark, which is the $71,600 region, is where the $3 billion short liquidation would occur if Bitcoin reclaims it. Rover’s assessment is based on data gathered from CoinGlass, a renowned derivative market tracker, indicating a substantial liquidity accumulation at higher price levels.
The recent warning from Crypto Rover comes amidst a period of turbulence in the crypto market, marked by sharp price movements and heightened trading activity.
Particularly, Bitcoin experienced a sudden decline over the weekend, bringing its p
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