Bitcoin bulls eye fresh positions after BTC price drops under $71K

Selling from all angles pushed Bitcoin below $71,000 at the weekly open, but early bullish positioning in BTC derivatives may signal the start of a recovery.

Key takeaways:

Bitcoin (BTC) dropped below $71,000 on Monday for the first time in seven weeks, liquidating $276 million in leveraged bullish positions as traders reduced their positions amid renewed military action between the US and Iran. Despite this heightened risk aversion, whales and market makers increased their bullish exposure in the Bitcoin derivatives markets.

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