Bitcoin bears at risk of $600M liquidation, raising chance for rally to $70K
Despite bearish pressure and weak US economic data, Bitcoin’s recovering hashrate and new onchain security protocols raise the chance for a surge to $70,000.
Key takeaways:
A minor 4.3% Bitcoin price increase to $69,600 could trigger over $600 million in forced liquidations for bearish traders.
Rising network hashrate and the BIP-360 quantum security proposal are helping to diminish long-term technical concerns.