According to ChainCatcher, Cointelegraph reported that Glassnode's report on July 24 showed that more than 75% of short-term Bitcoin holders have realized profits due to the recent rebound of Bitcoin. The report pointed out that this rebound has broken through the cost basis of short-term holders, causing 75% of their assets in the supply to return to the level of unrealized profits.
Although the price of Bitcoin has recovered, it faces significant resistance at the $68,000 mark, which is expected to trigger more than $700 million in short liquidations. Well-known cryptocurrency analyst Rekt Capital pointed out that Bitcoin needs to remain stable at the current $65,000 support level to maintain its upward momentum. If the price can break through $68,500, short liquidations may exceed $1 billion.
