Bitcoin’s price surged on June 5th, reaching a peak of US$71,321.98 in the morning. The cryptocurrency has been experiencing significant fluctuations recently, with this increase being a key factor in Bitcoin’s recovery, bringing it closer to its all-time high.
Cryptocurrency analyst Willy Woo shared an analysis on June 4th, pointing out that there is a potential Bitcoin short sale of $1.5 billion if the token manages to reach the crucial milestone of US$72,000. This analysis underscores the importance of Bitcoin reaching this critical level, as it could trigger mass liquidations and push the cryptocurrency to new price levels.
Woo tweeted, “Tapping 72k is the fuse that’s set to start a liquation cascade. $1.5b of short positions ready to be liquidated all the way up to $75k and a new all-time high.”
Bitcoin’s price surge today is attributed to increased trading activities in US spot Bitcoin-based exchange-traded funds. The cryptocurrency saw a 4% increase in price during the day, reaching a high of US$70,948.34 before retracting slightly. Despite this, the price is still 3.87% lower than its all-time peak of $73,737.94 recorded three months ago.
The surge in price has led to a significant increase in Bitcoin trading volume, which currently stands at $37.22 billion in the last 24 hours, marking a 37.90% increase compared to the previous day and indicating heightened market activity.
It is important to note that the views expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
In related news, an expert predicts that Bitcoin’s price could reach US$82,000 after a certain pattern is achieved, hinting at a potential post-halving Bitcoin boom on the horizon.