The cryptocurrency market is seeing increased volatility as Bitcoin approaches the $70,000 mark. Short sellers who bet against the price of Bitcoin may face losses and be forced to buy back their positions, resulting in a short squeeze. A recent tweet estimates that $1.6 billion worth of short positions will be liquidated if Bitcoin hits $70,000. Liquidations occur when short positions are automatically closed due to insufficient collateral. Bitcoin has led the liquidations rank, with its open interest dropping by over $1.2 billion in recent hours. Previous market upswings have seen massive short liquidations, causing market volatility and presenting opportunities for long-term holders and traders. The current situation is being closely watched to see if a surge to $70,000 will trigger further liquidations and drive prices higher.



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