Bitcoin price above $72,000 would liquidate $800 million worth of leveraged shorts, making it a significant resistance level for BTC.
If the price of Bitcoin reaches $72,000, it would act as a “fuse,” triggering the breakthrough of the $75,000 psychological barrier.) hitting $72,000 would spark a wave of mass liquidations, paving the way to new all-time highs, according to analyst Willy Woo. “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.”Bitcoin rose 3.15% in the 24 hours leading up to 8:05 am UTC on June 5 to trade at $71,124. The world’s first cryptocurrency is up 4.8% on the weekly chart,to CoinGlass, a potential move above $72,000 would liquidate $800 million worth of cumulative leveraged short positions across all exchanges.
“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 $72,000 resistance into support, before it enters the “parabolic phase” of the bull cycle,
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »