Analysis: The open interest volume of Bitcoin has surged by 13% in the recent five days, and traders have started to pay attention to the price movement at $71,500

According to historical patterns observed by cryptocurrency traders, Bitcoin may advance towards the $71,500 mark after breaking through the price point of $65,000 on Tuesday. Pseudonymous cryptocurrency trader Rekt Capital wrote in an X post that breaking through $65,000 would mean prices are preparing to fluctuate within the range of $65,000 to $71,500. If Bitcoin rises to $71,500, the next important stage will be the all-time high of $73,649 set by Bitcoin on March 13.

Traders shorting Bitcoin hold different views. However, at a price level of $71,500 there is a large amount of short positions facing liquidation risk which means many futures traders currently believe that prices will not reach this level. GoinGlass data shows that approximately 1.47 billion dollars worth of short positions will be liquidated at a price level of $71,500. Despite this fact over the past five days confidence has been rebuilt among future traders as open contract volume surged 13% during same period.

Meanwhile pseudonymous cryptocurrency trader Mags pointed out that on June 12th bitcoin's price recently fell to$56 ,649 falling below its 200-day moving average which could signal bitcoin repeating historical pattern seen in August 2023 when it rose by17 .5% reaching$47 ,000 within just two months .Mags stated: "If similar patterns emerge after recent declines we'll soon see bitcoin break through the$70 ,000 mark." Pseudonymous cryptocurrency trader Yoddha believes this sharp decline was a "bear trap" designed to ensnare all panic sellers.