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.
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.”
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.
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.”
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.
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