Bitcoin

when

April

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 <p class="paragraph">The leading cryptocurrency, Bitcoin (BTC), has been trading between $60,000 and $72,000 for over two months. Now, bullish indicators suggest BTC could revisit the range’s top after more than a month of trading at its support.</p>
 <p class="paragraph">Notably, Bitcoin entered the current range on February 28 in a remarkable bull rally before reaching its previous all-time high. As developed, BTC made new highs at $73,805 in the first deviation from the range in mid-March. Later, another deviation happened on May 1—this time, downwards.</p>
 <p class="paragraph">The maiden cryptocurrency briefly lost momentum in early April and started a downtrend that ended with the mentioned deviation. Since then, BTC has traded below its 30-day exponential moving average (30-EMA), and Bitcoin short-sellers have dominated a bearish market.</p>
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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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    $44 billion company’s CEO makes a stand for Bitcoin in letter to shareholders <span class="self-center text-xs text-slate-500">21 mins ago</span>
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    Shark Tank's Mark Cuban slams SEC: 'Trying to destroy crypto' <span class="self-center text-xs text-slate-500">1 hour ago</span>
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    More Bitcoin bleeding ahead; BTC faces significant rejection as bears take control <span class="self-center text-xs text-slate-500">2 hours ago</span>
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    Buy signal for two oversold cryptocurrencies this May <span class="self-center text-xs text-slate-500">3 hours ago</span>
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 <p class="paragraph">Should Bitcoin break out from its 30-EMA, currently at $63,360, it could seek the range highs at $72,000.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/05/12/2ba675506f2b8dd1f796f75e4297d628.webp" alt class="wp-image-175379" srcset="https://cdn.thebittimes.com/images/2024/05/12/2ba675506f2b8dd1f796f75e4297d628.webp 1024w, https://cdn.thebittimes.com/images/2024/05/12/2ba675506f2b8dd1f796f75e4297d628.webp 300w, https://cdn.thebittimes.com/images/2024/05/12/2ba675506f2b8dd1f796f75e4297d628.webp 768w, https://cdn.thebittimes.com/images/2024/05/12/2ba675506f2b8dd1f796f75e4297d628.webp 1536w, https://cdn.thebittimes.com/images/2024/05/12/2ba675506f2b8dd1f796f75e4297d628.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
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   BTC/USD daily price chart. Source: <em>TradingView</em> / Finbold
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 <h2 class="wp-block-heading" id="h-short-squeeze-alert-for-bitcoin-btc-to-72-000">Short squeeze alert for Bitcoin (BTC) to $72,000</h2>
 <p class="paragraph">Interestingly, derivatives data from <em>CoinGlass</em> on May 11 further validate a short-term forecast of $72,000 for Bitcoin.</p>
 <p class="paragraph">On that note, the one-month liquidation leverage heatmap shows two meaningful liquidity pools upwards due to increased open interest for short positions against BTC during this bearish last month.</p>
 <p class="paragraph">In particular, the $67,000 and $71,000 are key levels with billions of dollars in short liquidations. If the sentiment changes for Bitcoin, these could become easy targets, potentially triggering two short-squeeze events that would drive the price to hit $72,000.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="528" src="https://cdn.thebittimes.com/images/2024/05/12/14259294e53f2b4bb4e0759d276297c4.webp" alt class="wp-image-175380" srcset="https://cdn.thebittimes.com/images/2024/05/12/14259294e53f2b4bb4e0759d276297c4.webp 1024w, https://cdn.thebittimes.com/images/2024/05/12/14259294e53f2b4bb4e0759d276297c4.webp 300w, https://cdn.thebittimes.com/images/2024/05/12/14259294e53f2b4bb4e0759d276297c4.webp 768w, https://cdn.thebittimes.com/images/2024/05/12/14259294e53f2b4bb4e0759d276297c4.webp 1536w, https://cdn.thebittimes.com/images/2024/05/12/14259294e53f2b4bb4e0759d276297c4.webp 1832w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC Liquidation Heatmap, 1-month chart. Source: <em>CoinGlass</em>
  </figcaption>
 </figure>
 <p class="paragraph">This sentiment shift could happen in May, as bullish divergences started surging for all cryptocurrencies, signaling an incoming trend reversal. Recently, Jack Dorsey sent a letter to Block Inc’s (NYSE: SQ) shareholders making a stand for Bitcoin.</p>
 <p class="paragraph">In conclusion, the popular digital asset could be getting ready for an 18% rally from $61,000 to $72,000. However, trading BTC is an uncertain activity, and it is impossible to predict Bitcoin’s price movements accurately.</p>
 <p class="paragraph">Investors must remain cautious and avoid high exposure despite the growing optimism in the space as India reopened its market to offshore crypto exchanges.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/here-s-when-bitcoin-btc-could-hit-72-000-tbt88090.html">https://thebittimes.com/here-s-when-bitcoin-btc-could-hit-72-000-tbt88090.html</a></p>

Here’s when Bitcoin (BTC) could hit $72,000

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