Bitcoin Nears $70K as $600M Short Liquidation Looms
Bitcoin is on the brink of a significant price movement as it trades between $65,900 and $70,500, with a potential rally to $69,600 threatening to trigger over $600 million in short liquidations. This scenario could lead to a short squeeze, driving prices higher and attracting new buyers. The network's fundamentals remain strong, with the hashrate rebounding to multi-week highs, indicating continued confidence in Bitcoin mining.
The BIP-360 proposal aims to enhance Bitcoin's long-term security by introducing post-quantum protection through a soft fork, addressing potential quantum computing threats. Meanwhile, U.S. macroeconomic data shows slower growth and persistent inflation, complicating expectations for rate cuts and influencing traders' strategies. As Bitcoin navigates these dynamics, the market remains sensitive to any upside surprises that could shift momentum in favor of bulls.
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