The $68,200 level is crucial to defining Bitcoin's direction.
Whales are cutting long positions against retailers, and on previous occasions, this has led to drops of over 10%.
It's early days yet, and this could change, but it's key to note that open interest has reached a critical point due to excessive leverage.
If the price pulls back to $67,700, a short squeeze could occur, a likely scenario with so much leverage on long positions.
