Bitcoin bears could see $1.4 billion in liquidations if the price reaches $80,000. The cryptocurrency has struggled to surpass $79,000, raising concerns among traders.
Bitcoin has maintained levels above $76,000 for the past week, moving away from its year low of $60,500. A total of $1.4 billion in leveraged short positions has accumulated near the $80,000 mark, according to CoinGlass data. Bitcoin's recent rejection at $79,500 has heightened concerns about a potential price squeeze.