$2B worth of Bitcoin longs can be liquidated if BTC price experiences a 5% decline.

Bitcoin (BTC) is facing a critical situation as traders place massive bets on its price trajectory. If the cryptocurrency drops by just $3,000 from its current levels, approximately $2 billion of BTC long positions will be liquidated. After experiencing a sharp decline of $10,000 shortly after reaching new all-time highs on March 5, Bitcoin has managed to rebound. The current spot price is approaching $67,400, and traders are making significant wagers on both sides of the market. According to CoinGlass, a dip to $64,286 would result in the liquidation of $2 billion worth of long BTC positions, while a drop to $60,000 would lead to the liquidation of $2.33 billion. On the other hand, breaking the latest all-time high of $69,210 would liquidate around $1.31 billion of BTC shorts, and the amount would increase to $1.57 billion at $70,000. The cryptocurrency market has been characterized by extreme volatility, with BTC/USD witnessing a $1,000 move up and down in just a matter of minutes. The all-time high level serves as a significant psychological barrier for Bitcoin traders, and the price discovery phase awaits beyond this point. Analysts have varying opinions on the future of BTC/USD, with some predicting six-figure targets and others expecting an imminent top. Michaël van de Poppe, the founder and CEO of trading firm MNTrading, believes that BTC will soon reach $70,000 before undergoing a correction. He anticipates a potential decline of 30% when the correction occurs, which coincides with the upcoming block subsidy halving event in April. It is important to note that this article does not provide investment advice, and readers should conduct their own research before making any financial decisions.