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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   </svg> Picks for you</h3>
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   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    $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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   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    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>
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 </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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