Bitcoin (BTC) Price Could Be Headed Toward the $71,500 Mark After Breaching the $65,000 Price Point on Tuesday

The price rebound has also increased interest among future traders betting on Bitcoin's near-term price movements.

Crypto traders are observing historical patterns that could propel Bitcoin toward the $71,500 mark after it crossed the $65,000 price point on Tuesday.

The price rebound has also piqued the interest of futures traders betting on Bitcoin’s short-term price movements.

“Breaking $65,000 would put price in position to begin trading within the $65,000-$71,500 range,” pseudonymous crypto trader Rekt Capital noted in a July 16 X post, as Bitcoin ( BTC ) was trading just shy of $65,000 at the time.

BTC

$65,774

Rekt pointed out their Bitcoin price cluster chart, which showcases previous instances where Bitcoin breached the $65,000 barrier before continuing on to the $71,500 level, on their price chart, which is divided into separate price ranges. Notably, BTC crossed this price range four times earlier this year.

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Bitcoin is currently trading at $65,846 at the time of writing, according to CoinMarketCap.

If Bitcoin does proceed to hit $71,500, the next significant level would be Bitcoin’s all-time high of $73,649, which was reached on March 13.

Bitcoin shorters may have other plans

However, a large number of short positions are set to be liquidated at $71,500, indicating that futures traders are largely convinced that the price will not reach this level for now.

Around $1.47 billion in short positions will be closed at $71,500, according to CoinGlass.

Despite this, the past five days have seen a renewed optimism among futures traders, with Open Interest (OI) — which signifies the total outstanding futures traders' positions at a given time that are yet to be closed — increasing by 13% over this period.

Related: Bitcoin price rally to $65K fueled by ‘complete exhaustion’ from sellers — Glass

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