Bitcoin’s value surged on June 5th, hitting a peak of US$71,321.98 in the morning. The cryptocurrency has experienced significant fluctuations recently, with this spike marking a crucial step towards its recovery and potentially breaking its all-time high.
Analyst Willy Woo shared an analysis on June 4, pointing out that a massive Bitcoin short sale of $1.5 billion could occur if the token reaches the key milestone of US$72,000. This highlights the significance of Bitcoin hitting this critical level, as it could trigger mass liquidations and propel the cryptocurrency to new price territories.
Woo stated, “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’s price surge and approach to historic highs come amidst a notable recovery trend and the introduction of US spot Bitcoin-based exchange-traded funds (ETFs). The cryptocurrency experienced a 4% increase in price before retracting slightly.
Currently, Bitcoin is trading at US$70,948.34, reflecting a 3.0% increase in the last 24 hours. The highest recorded price for Bitcoin was $73,737.94 on March 14, which is 3.87% higher than the current value.
This movement has led to a significant surge in BTC trading volume, which stands at $37,221,726,424 in the last 24 hours, representing a 37.90% increase from the previous day and signaling heightened market activity.
It’s important to note that the opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries inherent risks of financial loss.
Looking ahead, experts predict that Bitcoin’s price could reach US$82,000 once a specific pattern is achieved, indicating a potential post-halving boom in the near future.
