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Recently, the cryptocurrency market experienced a significant correction, witnessing a sudden up surge in the global crypto market cap. 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 <a href="https://coingape.com/glossary/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrency’s</a> 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.
<h2 id="analysis-of-bitcoin-s-price-trends-and-impending-liquidation">Analysis of Bitcoin’s Price Trends and Impending Liquidation</h2>
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 <a href="https://coingape.com/bitcoin-etf-inflows-at-7-times-daily-supply-gbtc-inflows-continue/" rel="noopener noreferrer nofollow">steady inflows</a> 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.
<img decoding="async" class="aligncenter size-full wp-image-197944" src="https://coingape.com/wp-content/uploads/2024/05/IMG_9518.png" alt="" width="728" height="417" srcset="https://coingape.com/wp-content/uploads/2024/05/IMG_9518.png 728w, https://coingape.com/wp-content/uploads/2024/05/IMG_9518-300x172.png 300w, https://coingape.com/wp-content/uploads/2024/05/IMG_9518-150x86.png 150w" sizes="(max-width: 728px) 100vw, 728px">
This significant turnover suggests that Bitcoin bulls are currently in control, raising the possibility of a new all-time high. The <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">Relative Strength Index (RSI)</a> 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: <a href="https://coingape.com/bitcoin-etf-inflows-at-7-times-daily-supply-gbtc-inflows-continue/" rel="noopener noreferrer nofollow">Bitcoin ETF Inflows At 7 Times Daily Supply, GBTC Inflows Continue</a>
<h2 id="current-bitcoin-market-outlook-and-price-predictions">Current Bitcoin Market Outlook and Price Predictions</h2>
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 <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> 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.
Also Read: <a href="https://coingape.com/ethereum-etf-buzz-hint-bidens-crypto-policy-shift-whats-the-catch/" rel="noopener noreferrer nofollow">Ethereum ETF Buzz Hint Biden’s Crypto Policy Shift, What’s The Catch?</a>
The post <a href="https://coingape.com/bitcoin-price-btc-to-face-1-4-billion-liquidation-if-price-jumps-to-this-level/" rel="noopener noreferrer nofollow">Bitcoin Price: BTC To Face $1.4 Billion Liquidation If Price Jumps To This Level</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price: BTC To Face $1.4 Billion Liquidation If Price Jumps To This Level

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