Bitcoin

Momentum

when

Threshold

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-reaches-critical-price-threshold/" data-wpel-link="internal">Bitcoin Reaches Critical Price Threshold</a><br></p>
<p style="text-align: justify">In recent weeks, the <a href="https://en.coin-turk.com/tornado-cash-founder-added-to-sanctions-list-by-the-us-government-community-outraged/" data-wpel-link="internal">cryptocurrency </a><a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> experienced a significant correction and witnessed a sudden increase in global crypto market capitalization. This upward movement coincided with <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> from the Bitcoin Liquidation Heatmap, indicating a substantial short-selling potential of $1.45 billion when BTC reached the critical threshold of $74,300.</p> 
<h2 id="bitcoin-s-upward-momentum">Bitcoin’s Upward Momentum</h2> 
<p style="text-align: justify">Currently, Bitcoin’s (BTC) price stands at $70,931.32, with a 24-hour trading volume of $43.7 billion. Bitcoin increased by 5.89% in the last 24 hours. This sharp rise created market tension by predicting potential liquidations and price movements. Despite the $1.45 billion short-selling threat at the $74,300 level, BTC recently broke its range and grew in the last hours amid stable inflows exceeding $237 million. The sudden Bitcoin price increase resulted in significant liquidations of short positions, generating over $345 million in crypto derivatives transactions.</p> 
<p style="text-align: justify">This significant turnover shows that Bitcoin bulls currently hold control and increase the likelihood of reaching an all-time high. The Relative Strength Index (RSI) surpassed the 50 threshold, reaching 68.90, potentially signaling a shift to upward momentum. Consequently, breaking the $70,000 level paved the way for a rise towards and potentially beyond the previous all-time high (ATH).</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-354014 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/btcc-4.jpg" alt="" width="897" height="521"></p> 
<h2 id="current-btc-data">Current BTC Data</h2> 
<p style="text-align: justify">Following the last bearish candle on May 19, Bitcoin saw a massive daily candle rising 6% to $70,920.36, balancing the upward trend. Open positions on Bitcoin increased by 5.47% in the last 24 hours, reaching $18.7 billion. RSI continues its rise at 68.90.</p> 
<p style="text-align: justify">The leading cryptocurrency Bitcoin’s market value stands at $1.3 trillion. Considering current market dynamics and bullish indicators, analysts predict that Bitcoin may continue its upward trend and face significant liquidations if it reaches the $74,300 level. This level is a critical threshold as it could trigger a substantial short squeeze, pushing the price even higher.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-reaches-critical-price-threshold/" data-wpel-link="internal">Bitcoin Reaches Critical Price Threshold</a></h5>

Bitcoin Reaches Critical Price Threshold

Table of Contents

COINTURK NEWS

Other articles published on May 21, 2024

FBI Traces Crypto Transfers to Dismantle $100M Dark Web Marketplace

Ethereum price prediction: Is $4000 next after ETH’s +17% hike?

Best Crypto Strategy: Turning $100 into $50,000

Signals from Bitcoin Derivatives Point to Possible Surge Past $73K – Is a Record High on the Hori...

Solana Soars as Ethereum Price Tops $3,600

SEC Move Increase ETH ETF Approval Odds As Big Whales Ditch Bitcoin for Ethereum

Join our free newsletter for daily crypto updates!