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The cryptocurrency market recently underwent a notable correction, leading to a sharp decline in the global crypto market cap. This downturn aligns with insights from the Bitcoin Liquidation Heatmap, highlighted by renowned analyst <a href="https://coingape.com/tag/willy-woo/" target="_blank" rel="noopener">Willy Woo</a>. 
His analysis suggests a potential $1.5 billion Bitcoin short liquidation if BTC hits the crucial $72,000 mark. Currently, Bitcoin (BTC) is priced at $70,959.96, with a 24-hour trading volume of $36.5 billion. Despite recent volatility, Bitcoin has surged by 2.85% in the past 24 hours, indicating a significant recovery. 
<h2 id="analysis-of-bitcoin-s-price-trends-and-impending-liquidation">Analysis of Bitcoin’s Price Trends and Impending Liquidation</h2> 
Despite the looming $1.5 billion Bitcoin short liquidation threat at $72,000, BTC has shown resilience. Earlier, it was confined within a large <a href="https://coingape.com/btc-to-face-2-7-billion-liquidation-if-price-hits-this-level/" target="_blank" rel="noopener">descending channel</a> pattern characterized by lower highs and lows. However, a breakout has occurred, which some interpret as a signal of a potential bull market. The $60,000 support zone has proven resilient on multiple occasions, with market sentiment targeting the channel’s higher boundary. 
<img decoding="async" class="aligncenter size-full wp-image-200602" src="https://coingape.com/wp-content/uploads/2024/06/download-1.jpeg" alt="" width="1552" height="1030" srcset="https://coingape.com/wp-content/uploads/2024/06/download-1.jpeg 1552w, https://coingape.com/wp-content/uploads/2024/06/download-1-300x199.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/download-1-1224x812.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/06/download-1-768x510.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/download-1-1536x1019.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/06/download-1-150x100.jpeg 150w, https://coingape.com/wp-content/uploads/2024/06/download-1-272x182.jpeg 272w" sizes="(max-width: 1552px) 100vw, 1552px"> 
Bitcoin price rallied upwards strongly yesterday, breaching the symmetrical triangle’s resistance line, achieving the first target at $70,645.00, and eyeing further gains towards $73,800.00. The bullish trend is expected to continue, supported by the EMA50 carrying the price from below. 
Notably, breaking $68,890.00 would halt the expected rise and subject the price to negative pressure on an intraday basis. The <a href="https://coingape.com/glossary/rsi-relative-strength-index/" target="_blank" rel="noopener">Relative Strength Index (RSI)</a> surpassing the 50% mark indicates a return to bullish momentum. Willy Woo has further predicted that amid breaking the $72,000 level could lead to a rally towards $75,000 and potentially new all-time highs. 
Also Read: <a href="https://coingape.com/hacked-japanese-crypto-exchange-dmm-bitcoin-to-buy-320-million-worth-of-bitcoins/" target="_blank" rel="noopener">Hacked Japanese Crypto Exchange DMM Bitcoin Plans Massive BTC Purchase</a> 
<h2 id="live-market-dynamics-and-long-term-outlook">Live Market Dynamics and Long-Term Outlook</h2> 
As of today, the live price of <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin (BTC)</a> is $71,028.56, with a 24-hour trading volume of $32.4 billion. The cryptocurrency has surged 3% in the past 24 hours and is currently trading between $71,224.18 and $70,476.79. Bitcoin’s live market cap stands at $1.3 trillion. <a rel="nofollow" href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank">Open interest</a> in Bitcoin has surged by 5.96%, reaching a valuation of $20.4 billion. Historical price data suggests that Bitcoin is heading towards forming a new all-time high in the first few weeks of 2025. 
<img decoding="async" class="aligncenter size-full wp-image-200603" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-704.png" alt="" width="1366" height="768" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-704.png 1366w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-704-300x169.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-704-1224x688.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-704-768x432.png 768w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-704-678x381.png 678w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-704-150x84.png 150w" sizes="(max-width: 1366px) 100vw, 1366px"> 
The price has followed a parabolic curve during the past bull run and now appears to be at the midpoint of the rally. Despite the RSI indicating a well-planned rally, recent rejections above $71,000 have diminished bullish strength. 
Traders now expect BTC to maintain its current sluggish trend for a while. However, from a long-term perspective, market dynamics are anticipated to shift, potentially having a major impact on Bitcoin’s price trajectory. 
Also Read: <a href="https://coingape.com/eth-supply-to-drop-by-1-26-million-in-five-months-of-spot-ethereum-etf-launch/" target="_blank" rel="noopener">ETH Supply to Drop By 1.26 Million In Five Months of Spot Ethereum ETF Launch</a> 
The post <a href="https://coingape.com/bitcoin-at-72k-sets-1-5b-liquidation-cascade-willy-woo-predicts-whats-next/">Bitcoin At $72K Sets $1.5B Liquidation Cascade, Willy Woo Predicts What’s Next</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin At $72K Sets $1.5B Liquidation Cascade, Willy Woo Predicts What’s Next

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