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
RELATED INDICES
Market volatility expected in the near term
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
CoinStats says $2.2 million worth of crypto was stolen in June hack by 'sophisticated attacker'
Quick Take The crypto portfolio tracking app blamed a $2.2 million hack in June on a sophisticated and nation-state affiliated hacker, likely the Lazarus Group. According to the company, the attacker compromised several core services, all of which have since been rebuilt from scratch.
![](https://img.bitgetimg.com/multiLang/image/social/44c2bd28a17cca5a22da937490f739d41720885732936.jpg)
New AI Meme Coin Presale Ends Soon – Invest in $WAI Token Before CEX Listing
![](https://img.bitgetimg.com/multiLang/image/social/e1c27d3e2da9dd082bd12d4978a0df041720885511021.jpg)