If the Price Jumps to This Level, BTC Will Face a $1.4 Billion Liquidation
Recently, the cryptocurrency market experienced a significant correction and witnessed a sudden increase in the capitalization of the global crypto market. This bullish move coincided with data from the Bitcoin Liquidation Heat Map, indicating a significant Bitcoin short selling potential of $1.45 billion once BTC reaches the critical threshold of $74,300.
As of today, the price of Bitcoin (BTC) is at $ 70,931.32, while the 24-hour transaction volume of the cryptocurrency is recorded as $ 43.7 billion. Bitcoin increased by 5.89% in the last 24 hours. This sharp increase has put the market on edge, anticipating potential liquidations and price movements.
Analysis of Bitcoin’s Price Trends and Impending Liquidation
Despite the threat of a $1.45B Bitcoin short squeeze looming at $74,300, BTC recently broke out of its range and has been on a growth spree in recent hours amid steady inflows above $237M. The sudden Bitcoin price increase resulted in heavy liquidations of short investors, generating more than $345 million from crypto derivatives trading.
This significant turnover suggests that Bitcoin bulls are currently in control, increasing the possibility of a new all-time high. The Relative Strength Index (RSI) exceeded the 50% mark and reached 68.90, signaling a return to bullish momentum. As a result, a break of the $70,000 level paved the way for a rally towards and potentially beyond the previous all-time high (ATH).
So read: Bitcoin ETF Inflows Increase 7x Daily, GBTC Inflows Continue
Current Bitcoin Market Outlook and Price Predictions
Bitcoin saw a massive daily candle rising 6% to $70,920.36 following the last red candle on May 19, stabilizing the uptrend. Open positions for Bitcoin increased by 5.47% in the last 24 hours, reaching 18.7 billion dollars. RSI continues its rise at 68.90. Currently, Bitcoin (BTC) is trading between $71,719.23 and $70,725.64.
Bitcoin’s live market value stands at $1.3 trillion. Considering the current market dynamics and bullish indicators, market analysts predict that Bitcoin may continue its upward trend and face serious liquidations if it reaches the $74,300 level. This threshold is critical because it could trigger a severe short squeeze and push the price even higher.
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