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Bitcoin

Shiba Inu

Rekt

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 <p class="paragraph">Bitcoin (BTC) &nbsp;registered its highest jump in the past two weeks at $71,000, falling just short of its all<a rel="noopener noreferrer nofollow" title="-time" href="https://thebittimes.com/tag/time.html">-time</a> high.</p>
 <p class="paragraph">Analysts predict that reaching the critical $72,000 mark could act as a fuse, igniting mass liquidations and setting new records.</p>
 <p class="paragraph">Crypto <a rel="noopener noreferrer nofollow" title="analyst" href="https://thebittimes.com/tag/analyst.html">analyst</a> <em>Willy Woo</em> highlighted insights from the Bitcoin Liquidation Heatmap in a recent post on X (formerly Twitter). He noted a potential $1.5 billion Bitcoin short liquidation if BTC hits the crucial $72,000 mark.&nbsp;</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
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  <p class="paragraph">“Tapping $72k is the fuse set to start a liquidation cascade. $1.5b of short positions ready to be liquidated all the way up to $75k and a new all<a rel="noopener noreferrer nofollow" title="-time" href="https://thebittimes.com/tag/time.html">-time</a> high,” Woo stated.</p>
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 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="687" src="https://cdn.thebittimes.com/images/2024/06/05/6af04c5624007ba7d26e2907c0aa0825.webp" alt="" class="wp-image-181064" srcset="https://cdn.thebittimes.com/images/2024/06/05/6af04c5624007ba7d26e2907c0aa0825.webp 1024w, https://cdn.thebittimes.com/images/2024/06/05/6af04c5624007ba7d26e2907c0aa0825.webp 300w, https://cdn.thebittimes.com/images/2024/06/05/6af04c5624007ba7d26e2907c0aa0825.webp 768w, https://cdn.thebittimes.com/images/2024/06/05/6af04c5624007ba7d26e2907c0aa0825.webp 1217w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>BTC liquidation heat map. Source : Woo/X</em>
  </figcaption>
 </figure>
 <p class="paragraph">According to <em>CoinGlass</em>, a potential move above $72,500 would trigger the liquidation of over $1.2 billion worth of leveraged short positions.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-supporting-analysis-from-rekt-capital">Supporting analysis from Rekt Capital</h2>
 <p class="paragraph">Trader <em>Rekt Capita</em>l’s <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> further supports Willy Woo’s insights. In a recent post, Rekt Capital noted that Bitcoin broke out of a significant two-week downtrend. He pointed out that while Bitcoin spiked past $70,000, it needs to close above resistance to confirm the breakout.</p>
 <p class="paragraph">He also suggested that, based on historical patterns, Bitcoin might consolidate between $68,000 and $71,500&nbsp; before entering an upward parabolic movement phase.</p>
 <p class="paragraph">This anticipated consolidation phase aligns with Woo’s prediction that hitting the $72,000 level would trigger substantial liquidations, paving the way for new all<a rel="noopener noreferrer nofollow" title="-time" href="https://thebittimes.com/tag/time.html">-time</a> highs.</p>
 <h2 class="wp-block-heading" id="h-current-bitcoin-price-and-market-trends">Current Bitcoin price and market trends</h2>
 <p class="paragraph">Currently, Bitcoin is priced at $70,765, with a 24-hour trading volume of $37.6 billion. Despite recent volatility, Bitcoin has surged by 2.85% in the past 24 hours, indicating a significant recovery.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="900" height="723" src="https://cdn.thebittimes.com/images/2024/06/05/181e164eaa86cf2369968ac327316c45.webp" alt="" class="wp-image-181068" srcset="https://cdn.thebittimes.com/images/2024/06/05/181e164eaa86cf2369968ac327316c45.webp 900w, https://cdn.thebittimes.com/images/2024/06/05/181e164eaa86cf2369968ac327316c45.webp 300w, https://cdn.thebittimes.com/images/2024/06/05/181e164eaa86cf2369968ac327316c45.webp 768w" sizes="(max-width: 900px) 100vw, 900px">
  <figcaption class="wp-element-caption"><em>BTC 7-day price chart. Source : Finbold</em>
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 </figure>
 <p class="paragraph">Technical indicators paint a bullish picture for Bitcoin. The Relative Strength Index (RSI) sits at 62, indicating strong buying pressure, and the positive MACD level at 1182 suggests upward momentum.</p>
 <p class="paragraph">Meanwhile, open interest in Bitcoin has surged by 5%, reaching a valuation of $37.5 billion.</p>
 <p class="paragraph">However, a contrasting signal emerges from the TD Sequential, which has flashed a sell signal on the hourly chart, hinting at a potential short-term price correction.</p>
 <p class="paragraph">While the overall sentiment leans bullish, this highlights the importance of exercising caution and considering other factors before making investment decisions in Bitcoin’s volatile market.</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/bitcoin-tapping-72k-could-be-the-fuse-for-a-new-all-time-high-says-analyst-tbt91480.html">https://thebittimes.com/bitcoin-tapping-72k-could-be-the-fuse-for-a-new-all-time-high-says-analyst-tbt91480.html</a></p>

Bitcoin tapping $72K could be the fuse for a new all-time high, says analyst

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