In the event that Bitcoin hits $70,000 again—a price it hasn't touched in 12 days—a sizable portion of short positions in the cryptocurrency will be erased.
With a significant number of liquidations at stake if the asset drops down to $70,000 in the near future, short sellers of bitcoin are undoubtedly crossing their fingers.

If Bitcoin hits $70,000 again, which is the price it has been trading at since June 8, an incredible $1.67 billion in short positions will be liquidated, according to CoinGlass statistics.

In a post on X on June 17, anonymous cryptocurrency trader Ash Crypto confirmed that "there is an insane amount of Bitcoin short liquidations piling up at the topside."

"Right now, markets are extremely positive. The liquidations of ETH and Bitcoin are stacked. Joshua Jake, CEO of Discover Crypto, said on June 18 that a "bounce is imminent."

Since hitting its all-time high of $33.55 billion on June 7, the value of all outstanding or unsettled Bitcoin futures contracts across exchanges, or Bitcoin open interest (OI), has decreased by 10.99%.

On January 1, however, Bitcoin OI was 82% lower.

Rising open interest indicates increasing market interest, whereas dropping open interest may indicate a worsening trend.

Prior to June 7, earlier in June, Bitcoin's open interest (OI) increased by almost $2 billion in just three days, which gave traders cause to worry that the price would suddenly experience a "whipsaw" impact.

Liquidations are required before Bitcoin reaches a new all-time high.

According to Willy Woo, a crypto analyst and the creator of the onchain data resource Woobull, a significant liquidation wipeout will put Bitcoin in a better position to hit new highs.

On June 19, Woo said, "We need a solid amount of liquidations still before we get the all clear for further bullish activity."

Similar: "Purchase the dip?" Bitcoin price hits a new low of $64K in just one month.

He went on, "I know it stinks, but until more pain and boredom play out, BTC is not going to break all-time highs."

Woo is not the only analyst who has labeled the recent market behavior of Bitcoin after its April 20 halving as "boring."