Bitcoin bulls eye fresh positions after BTC price drops under $71K Selling from all angles pushed Bitcoin below $71,000 at the weekly open, but early bullish positioning in BTC derivatives may signal the start of a recovery.
Key takeaways: – Whale’s bullish positioning in the Bitcoin derivatives market is failing to counter the heavy spot selling pressure. – The slight discount on USDT indicates capital is exiting to fiat, exposing the Bitcoin futures leverage risks
Bitcoin (BTC) dropped below $71,000 on Monday for the first time in seven weeks, liquidating $276 million in leveraged bullish positions as traders reduced their positions amid renewed military action between the US and Iran. Despite this heightened risk aversion, whales and market makers increased their bullish exposure in the Bitcoin derivatives markets. Bitcoin top traders’ long-to-short position at Binance & OKX.