If Bitcoin returns to the price it has been hovering around for the previous two days before the slight dip, it would wipe a considerable amount of short positions.
Should Bitcoin (BTC) quickly rebound from its recent dip to its June 6 price of $71,000, over a billion dollars worth of short positions will be liquidated.
On June 7, Bitcoin dropped 3.33% to $68,507 before slightly recovering above its key level of $69,000, amid broader macroeconomic uncertainty triggered by the United States Employment Situation Summary Report, which revealed more job growth than expected during May.
Along with Bitcoin’s price decline, Ether (ETH) also saw a 3.58% decline over the 24 hours, and several altcoins such as Solana (SOL), Dogecoin (DOGE), and Pepe (PEPE) took a hit of 5.61%, 8.70%, 9.99% respectively, according to CoinMarketCap data.