“当超过 68,000 美元至 69,000 美元的水平时，关注这一长期 Bitcoin 压缩区间的空头将被清算……”
More and more analysts agree that the recovery of BTC may continue to $0.07 million.
However, there was excessive leverage before the recent rebound of BTC, which is a potential price risk.
Glassnode founders Jan Happel and Yann Allemann believe that bitcoin [BTC] is expected to retest $70,000. The two individuals, known as Negentropic on X, warn that speculators planning to short cryptos at $68,000 or $69,000 may face significant liquidation.
"When the level between $68,000 and $69,000 is surpassed, the bears focusing on this long-term compression range of Bitcoin will be liquidated..."
The obvious compression channel is part of the amplifier mode as BTC continues to consolidate after reaching a new high in March.
Why BTC may rise to $0.07 million
The founder of Glassnode stated that through their crypto insight platform Swissblock, BTC may reach $70,000 due to the current low-risk levels and increased network activity.
The founder also pointed out that the rise of BTC to $64,000 has shifted the asset's risk status from high to low.
Interestingly, the recovery in May, June, and July occurred after the assets showed low-risk characteristics. Therefore, this trend may repeat and push the cryptos up to $0.07 million.
In addition, Swissblock also pointed out that the improvement in the growth of the bitcoin network can confirm the sustainability of the upward trend.
"The network growth is recovering its upward trajectory, even challenging the high point in July. We have not only witnessed significant growth but also broken the downward trend that occurred after the halving."
The network liquidity lags behind the growth, but the analysis platform emphasizes the slow improvement signs that could boost BTC.
In addition, according to Swissblock, the negative financing rate of the BTC perpetual market may accelerate the recovery.
"Since our last reading, the financing rate of perpetual futures has not only been negative but has also increased in magnitude. This is very unusual during a bull market. This positioning could drive stronger growth in the event of liquidation."
The lower financing rate of BTC is related to the dominance of the US spot BTC ETF, which has a greater impact on prices than the derivatives market.
In addition, Swissblock speculates that recent BTC pledges on the Babylon staking platform may have led to negative funding rates.
VanEck has also expressed a similar view recently, stating that people's risk appetite for BTC during the previous market recovery was similar.
However, a CryptoQuant analyst warns that excessive leverage (unrealized interest rates) is driving the price of BTC, which could trigger a price reversal, as seen in past trends.
Is it the same setup again? The growth of open positions is more fierce than the price of Bitcoin. The first two times, we won quickly.
