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06/05/2024

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Bitcoin Price Reaching $72K Seen as Catalyst for New All-Time High; Says Analyst

If Bitcoin's price surpasses $72,000, it would force the liquidation of leveraged shorts totaling $800 million, marking a crucial resistance level for BTC. Achieving this milestone could serve as a "fuse," potentially propelling Bitcoin to break through the psychologically important $75,000 barrier.

Bitcoin Price Reaching $72K Seen as Catalyst for New All-Time High; Says Analyst

If Bitcoin’s price surpasses $72,000, it would force the liquidation of leveraged shorts totaling $800 million, marking a crucial resistance level for BTC.

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Achieving this milestone could serve as a “fuse,” potentially propelling Bitcoin to break through the psychologically important $75,000 barrier.

Bitcoin Poised to Trigger Liquidation Cascade Towards New All-Time Highs

Bitcoin, currently priced at $70,951, is poised to hit $72,000, which analysts believe will trigger a wave of mass liquidations. According to analyst Willy Woo, reaching $72,000 will act as the catalyst for a cascade of liquidations totaling $1.5 billion in short positions. These liquidations are anticipated to continue up to $75,000, potentially setting a new all-time high for the cryptocurrency.

Liquidation leverage chart. Source: Willy Woo

Woo shared his insights in a June 5 post to his 1.1 million followers, highlighting $72,000 as the critical level to watch. If Bitcoin continues its current trajectory, it could break through this resistance point, paving the way for further gains.

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BTC/USDT, 1-day chart. Source: CoinMarketCap

As of 8:05 am UTC on June 5, Bitcoin has risen by 3.15% over the past 24 hours, trading at $71,124. On a weekly basis, the cryptocurrency has seen a 4.8% increase, according to data from CoinMarketCap. These movements indicate growing bullish sentiment and potential momentum towards higher price levels.

Bitcoin Faces Resistance at Key Levels Amid Liquidation Potential

Bitcoin is encountering significant resistance levels at $71,500 and $72,000, according to analysis by CoinGlass. Breaking above $72,000 could trigger a cascade of liquidations, potentially totaling $800 million from leveraged short positions across various exchanges. If Bitcoin surpasses $72,500, this figure could rise to over $1.2 billion in liquidations. Currently, Bitcoin is trading 3.4% below its previous all-time high of $73,740, which was reached on March 14.

Bitcoin exchange liquidation map. Source: Coinglass

Crypto analyst Rekt Capital noted that Bitcoin exited its post-halving distribution “danger zone” on May 6, firmly rising above the reaccumulation range of $60,000. Since then, Bitcoin has surged more than 12.5%, signaling the end of this critical phase for the cryptocurrency. This upward movement suggests renewed bullish sentiment and potential for further price appreciation in the near term.

Bitcoin Breaks Two-Week Downtrend, Eyes Resistance Turnaround

According to Rekt Capital’s analysis on June 3, Bitcoin managed to break out of a significant two-week downtrend. This development marked a potential shift in momentum, although the analyst cautioned that previous attempts had seen upside wicks beyond this downtrend without sustaining gains. Confirmation of the breakout awaited a Daily Close later in the day.

BTC/USD, 1-day chart. Source: Rekt Capital

Despite this breakout, Bitcoin faces a crucial hurdle at the $72,000 resistance level. Rekt Capital emphasized that Bitcoin must successfully turn this resistance into support to pave the way for entering the “parabolic phase” of the current bull cycle. This phase typically involves rapid price increases driven by strong bullish sentiment and investor demand.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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