Analysis: Bitcoin breaking through $65,000 means the price is preparing to enter the range of $65,000 to $71,500

An analyst from Rekt Capital stated that Bitcoin breaking through $65,000 means the price is preparing to enter the range of $65,000-$71,500. If BTC rises to $71,500, the next important stage will be the high point of $73,649 reached on March 13th. However, a large number of short positions face the risk of being liquidated at $71,500. This implies many futures traders believe that prices will not reach this level currently.

According to CoinGlass data, about $1.47 billion in short positions would be liquidated at $71,500. Despite this though over the past five days futures traders' confidence has rebounded with open interest (OI) contracts (the total number of unexecuted Bitcoin options contracts held by traders at a specific time) surging 13% during the same period.