Bitcoin bulls eye fresh positions after BTC price drops under $71K
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Selling from all angles pushed Bitcoin below $71,000 at the weekly open, but early bullish positioning in BTC derivatives may signal the start of a recovery.
Key facts
Bitcoin (BTC) dropped below $71,000 on Monday for the first time in seven weeks, liquidating $276 million in leveraged bullish positions as traders reduced their positions amid renewed military
This data aligns with the $3.46 billion in net outflows from US-listed spot Bitcoin ETFs since May 13
At Binance, the long-to-short ratio among top traders surged to 1.4x from 1.1x one week prior
Brent crude oil jumped to $95 per barrel after US officials stated that Iran had fired two ballistic missiles overnight
Summary
Whale’s bullish positioning in the Bitcoin derivatives market is failing to counter the heavy spot selling pressure. The slight discount on USDT indicates capital is exiting to fiat, exposing the Bitcoin futures leverage risks. Bitcoin (BTC) dropped below $71,000 on Monday for the first time in seven weeks, liquidating $276 million in leveraged bullish positions as traders reduced their positions amid renewed military action between the US and Iran. At Binance, the long-to-short ratio among top traders surged to 1.4x from 1.1x one week prior.