Bitcoin

Momentum

Resistance

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s price reaching $72,000 could trigger a wave of mass liquidations and a potential breakthrough of the $75,000 barrier.</li>
 <li>Above the $72,000 mark, over $1.2 billion worth of leveraged short positions could be liquidated.</li>
</ul>
<p>Analyst Willy Woo predicts that a surge in the price of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> to $72,000 could act as a catalyst, potentially pushing the cryptocurrency through the significant $75,000 psychological barrier.</p>
<p>In a post to his 1.1 million followers, Woo suggested that reaching this price point could trigger a cascade of liquidations, clearing the path to new all-time highs. He estimates that $1.5 billion of short positions could be liquidated up to the $75,000 mark.</p>
<h2 id="bitcoin-s-performance-and-resistance">Bitcoin’s Performance and Resistance</h2>
<p>Bitcoin’s price rose by 3.15% in the 24 hours leading up to June 5, trading at $71,124. On a weekly basis, the cryptocurrency has seen a 4.8% increase.</p>
<p>However, there is significant resistance at the $71,500 and $72,000 levels. CoinGlass data suggests that a move above $72,000 could lead to the liquidation of $800 million worth of cumulative leveraged short positions across various exchanges.</p>
<h2 id="liquidation-and-breakout">Liquidation and Breakout</h2>
<p>If Bitcoin surpasses the $72,500 mark, it could trigger the liquidation of over $1.2 billion worth of leveraged short positions. Bitcoin is currently 3.4% down from its previous all-time high of $73,740, which it achieved on March 14.</p>
<p>Bitcoin’s price has risen over 12.5% since May 6, marking the end of the post-halving danger zone. On June 3, Bitcoin broke out of a significant two-week downtrend.</p>
<p>However, for Bitcoin to enter the “parabolic phase” of the bull cycle, it still needs to convert the $72,000 resistance into support.</p>

Analyst Predicts Bitcoin Surge to New Highs, $72K Price Sparks Momentum

Table of Contents

crypto.ro global

Other articles published on Jun 5, 2024

Top Altcoins Poised for a 100X Surge

OpenAI’s GPT-4o raises privacy and copyright concerns

DWF Labs Pours Millions into Floki, Signaling Institutional Interest in Meme Coins

Top Investment Highlight: BlockDAG’s $41.6M Success, Theta Network News Updates, and NEAR Protoco...

Crypto: SEC May Approve Ether ETFs to Avoid Legal Showdown

Morpheus-Based Personalized Chatbot Platform: Persona - Combining EEG Technology for the Web 3

Join our free newsletter for daily crypto updates!