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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

A Record $21.77 Billion In Bitcoin Shorts Will Be Liquidated Once BTC Breaks $70,500

Dalmas Ngetich
Dalmas Ngetich
8 months ago
2 mins read
Analyst Reveals Why Bitcoin's Next Rally Is Around the Corner

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Bitcoin is trending higher at spot rates, floating above $60,000 and confirming gains of September 13. From price action in the daily chart, buyers appear to be back in the picture. The confidence follows the United States Federal Reserve’s (Fed) decision to slash rates by 50 basis points on September 18.

Over $21 Billion Of Shorts To Be Liquidated If Bitcoin Breaks $70,500

While buyers double down, flocking back to BTC, looking at the sharp uptick in trading volume over the past day, one analyst on X has identified an interesting observation if bulls continue to dominate. Citing market data and the liquidation map of Binance perpetuals, the analyst said if Bitcoin flies above $70,500, over $21 billion of shorts will be liquidated.

BTC liquidations if bulls break $70,500 | Source: @martypartymusic via X
BTC liquidations if bulls break $70,500 | Source: @martypartymusic via X

Liquidation happens in the perpetuals market where leverage traders aim to clip market volatility for profit. There are longs, or traders banking on bulls to press prices higher, and shots, betting for prices to drop.

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These positions are leveraged in both instances, meaning they borrow funds from the exchange. The collateral, in this case, the margin, acts as an “insurance” for the exchange. As a result, they will forcefully sell it should the market move against the trader.

Looking at the state of price action in the daily chart, Bitcoin needs to expand by around 11% from spot rates of $70,500 to be hit. The immediate liquidation level is at around $66,000, marking August highs.

Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

If this level is broken, and the leg up is rising trading volume, the resulting rally could easily be the basis for bulls to overcome the intense liquidation pressure of around $70,000 and $72,000.

The $70,000 And $72,000 Resistance Zone Is Crucial For BTC Traders

Bitcoin bulls have struggled to break $72,000 since the retest in June. Accordingly, any firm and decisive close above $70,000 can trigger a short squeeze. Therefore, it is highly likely that BTC may retest $73,800 and even print print fresh all-time highs.

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Coinglass data on September 19 shows that over $69 million of leveraged shorts have been liquidated in the last 24 hours. Meanwhile, more than $13 million worth of longs were also forcibly closed due to market volatility.

Bitcoin liquidations | Source: Coinglass
Bitcoin liquidations | Source: Coinglass

Over 66,000 crypto traders were liquidated in the past day, and the largest leveraged BTCUSD position worth over $8.9 was closed on Bybit, a perpetuals trading platform, during this period.

Feature image from DALLE, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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