Bitcoin (BTC) could reach $71,500 after surpassing the $65,000 mark, according to crypto traders. Currently, Bitcoin is trading at $65,778, according to CoinMarketCap. Pseudonymous trader Rekt Capital highlighted the significance of Bitcoin breaking past $65,000, which opens the way to the $65,000-$71,500 range.

CoinGlass data shows that $450 million in short positions could be liquidated if Bitcoin reaches $66,500. The recent rise in Bitcoin was triggered by news of a failed assassination attempt on Donald Trump, leading to the liquidation of $160 million in short positions. BTC has gained 12.56% in the past 7 days as Trump’s chances of becoming the next US President have reached record highs.

Traders are currently more inclined towards long positions, with a total of $2.28 billion in leveraged positions at risk of liquidation if BTC prices drop to $62,200. Despite this, there has been a resurgence of confidence among futures traders over the past five days.

Open Interest (OI), the total number of outstanding Bitcoin options contracts, has risen by 13%. Currently, Bitcoin’s Open Interest stands at $34 billion, according to CoinGlass.