Bitcoin Price: BTC To Face $1.4 Billion Liquidation If Price Jumps To This Level
Highlights
- Bitcoin's price is approaching the critical $74,300 mark, risking a $1.4 billion short liquidation.
- BTC has surged to $70,931.32, with a 5.89% increase over the past 24 hours, indicating strong bullish momentum.
- Market indicators like the RSI and open interest suggest continued growth, with potential new all-time highs in sight.
Recently, the cryptocurrency market experienced a significant correction, witnessing a sudden up surge in the global crypto market cap, driven by erratic Bitcoin price action. This bullish move coincided with data from the Bitcoin Liquidation Heatmap, signaling the potential for a substantial $1.45 billion Bitcoin short liquidation once BTC reaches the critical threshold of $74,300.
As of today, the price of Bitcoin (BTC) stands at $70,931.32, with the cryptocurrency’s 24-hour trading volume recorded at $43.7 billion. Over the past 24 hours, Bitcoin has soared by 5.89%. 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 looming $1.45 billion Bitcoin short liquidation threat at $74,300, BTC has recently broken its range and has been on a growth spree over the past hours amid steady inflows of over $237 Million. The sudden Bitcoin price pump resulted in the heavy liquidation of short traders, amounting to more than $345 million in revenue from crypto derivatives trading.
This significant turnover suggests that Bitcoin bulls are currently in control, raising the possibility of a new all-time high. The Relative Strength Index (RSI) has surpassed the 50% mark, reaching a level of 68.90, which signals a return to bullish momentum. Consequently, breaking the $70,000 mark has paved the way for a rally towards and potentially beyond the previous all-time high (ATH).
Also Read: Bitcoin ETF Inflows At 7 Times Daily Supply, GBTC Inflows Continue
Current Market Outlook and Price Predictions
Bitcoin has seen a massive daily candle following the last red candle on May 19, with a 6% increase to $70,920.36, stabilizing the uptrend. The open interest in Bitcoin has surged by 5.47% in the past 24 hours and is valued at $18.7 billion. The RSI remains bullish at a level of 68.90. Currently, Bitcoin (BTC) is trading between $71,719.23 and $70,725.64.
The live market cap of Bitcoin stands at $1.3 trillion. Given the current market dynamics and bullish indicators, market analysts predict that Bitcoin could continue its upward trajectory, potentially facing significant liquidations if it hits the $74,300 mark. This threshold is critical as it could trigger a substantial short squeeze, further propelling the price.
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