Bitcoin’s price skyrocketed on June 5th, hitting a peak of US$71,321.98 in the morning. Over the past few days, the value of the leading cryptocurrency has been quite volatile, making this surge a significant milestone in Bitcoin’s recovery, bringing it closer to breaking its previous record high.
In response to Bitcoin’s upward trend, cryptocurrency analyst Willy Woo shared an analysis on June 4th, noting that there is a potential short sale of $1.5 billion waiting if Bitcoin manages to reach the crucial threshold of US$72,000. The analysis emphasizes the importance of Bitcoin reaching this critical level, as it could trigger a cascade of liquidations and propel the cryptocurrency to new price levels.
Woo’s tweet highlighted the potential impact of Bitcoin touching $72,000, stating, “Touching 72k is the fuse set to start a liquidation cascade. $1.5 billion in short positions ready to be liquidated up to $75k and a new all-time high.”
Bitcoin began the day with a strong upward trend, fueled by a remarkable price recovery. This resurgence comes amidst the introduction of US spot Bitcoin-based exchange-traded funds (ETFs). The price of Bitcoin saw a 4% increase in the last 24 hours, reaching US$70,948.34 at the time of publication. While this is a positive development, it still falls short of Bitcoin’s all-time high by 3.87%.
The surge in Bitcoin’s price also led to a significant increase in trading volume, which currently stands at $37,221,726,424 in the past 24 hours. This represents a 37.90% increase compared to the previous day, indicating a surge in market activity.
It is essential to note that the opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, an expert predicts that Bitcoin’s price could reach US$82,000 once a specific pattern is achieved, hinting at a potential post-halving boom for the cryptocurrency.