June 5, 2024
Bitcoin Price is $70,750, If Touches $72K it Could Reach New ATH
Bitcoin price today

Bitcoin Price is $70,750, If Touches $72K it Could Reach New ATH

Wednesday, June 5, 2024: Bitcoin Price Today is $70,750, if the price of Bitcoin reaches $72K, it could act as a “fuse,” triggering the breakthrough of the $75,000 psychological barrier.

BTC/USDT, 1-day chart. Source: CoinMarketCap

Hitting $72K would spark a wave of mass liquidations, paving the way to new all-time highs, according to analyst Willy Woo. Woo wrote in a June 5 X post to his 1.1 million followers:

“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-time high.”

Liquidation leverage chart. Source: Willy Woo

Recent Price Movements and Resistance Levels

Bitcoin rose 3.15% in the 24 hours leading up to 8:05 am UTC on June 5, trading at $71,124. The world’s first cryptocurrency is up 4.8% on the weekly chart, according to CoinMarketCap data. Despite this, Bitcoin faces significant resistance at the $71,500 and $72K levels. According to CoinGlass, a move above $72K would liquidate $800 million in leveraged short positions across all exchanges. Beyond $72,500, Bitcoin would trigger the liquidation of over $1.2 billion in leveraged shorts. Currently, Bitcoin is down 3.4% from its previous all-time high of $73,740, reached on March 14.

Bitcoin exchange liquidation map. Source: Coinglass

Post-Halving and Future Projections

Bitcoin’s post-halving distribution “danger zone” ended on May 6 when Bitcoin firmly rose above the reaccumulation range of $60,000, according to popular crypto analyst Rekt Capital. Since May 6, Bitcoin’s price has risen over 12.5%, confirming the end of the post-halving danger zone. The cryptocurrency broke out of a significant two-week downtrend on June 3, wrote Rekt Capital in an X post.

“Bitcoin broke its two-week downtrend today. However, we have seen upside wicks beyond this downtrend before. Which is why a Daily Close later today is needed to confirm this breakout.”

BTC/USD, 1-day chart. Source: Rekt Capital

However, Bitcoin still needs to turn the $72K resistance into support before it enters the “parabolic phase” of the bull cycle, according to Rekt Capital.

Image by tom bark from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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