As seen in the chart above, BTC derivatives traders suffered at total $74 million liquidations on June 7. LONG traders suffered the worst hit, with over $56.4 million LONG positions closed, against the $18.2 SHORTs contracts liquidated
This shows how the 4% BTC price downside observed on June 7, may have been triggered by the LONG squeeze in the derivatives markets.
However, as the market FUD cools off, BTC bulls are making early efforts to halt the price dip by entering new positions.
BTC Price Forecast: Bulls Mount $1 Billion Support to prevent $66k Breakdown
Bitcoin price has rebounded above the $69,000 level at the time of writing on Saturday June 8, as bulls look to stage an early recovery from Friday’s losses.
While the bearish sentiment is still dominant, BTC bull traders have now mounted new long-positions worth $1.13 million to keep prices above the $66,000 mark.
