Bitcoin might be on the verge of reaching $71,500 after breaking through the $65,000 level on Tuesday, based on historical trends observed by crypto traders. This recent price surge has also sparked interest among futures traders who are betting on Bitcoin’s short-term price movements.
“Crossing $65,000 indicates the price is poised to move within the $65,000-$71,500 range,” said Rekt Capital, a pseudonymous crypto trader, in a July 16 post on X. At the time, Bitcoin (BTCUSD) was just below $65,000. Rekt used their Bitcoin price cluster chart, which divides price ranges into distinct boxes, to show previous occasions when Bitcoin exceeded $65,000 before approaching $71,500. This pattern has been observed four times this year. According to CoinMarketCap data, Bitcoin is currently trading at $65,846.
If Bitcoin reaches $71,500, the next major milestone would be its all-time high of $73,649, set on March 13.
Bitcoin Short Sellers Hold a Different View
However, many short positions are at risk of liquidation at $71,500, suggesting that numerous futures traders doubt Bitcoin will reach that level soon. CoinGlass data indicates that around $1.47 billion in short positions would be wiped out if Bitcoin hits $71,500.
Despite this skepticism, the past five days have seen renewed confidence among futures traders. Open Interest (OI)—the total number of outstanding Bitcoin options contracts yet to be executed—has risen by 13% during this period.
