Bitcoin

Rekt

Daily

If the price of Bitcoin reaches $72,000, it would act as a “fuse,” triggering the breakthrough of the $75,000 psychological barrier.
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) hitting $72,000 would spark a wave of mass liquidations, paving the way to new all-time highs, according to analyst Willy Woo.
Woo <a href="https://x.com/woonomic/status/1798169693771194825" target="_blank" rel="noopener nofollow">wrote</a> in a June 5 X post to his 1.1 million followers:
<blockquote data-ct-non-breakable="true">
 “Tapping $72k is the fuse set to start a liquidation cascade. $1.5b of short positions ready to be liquidated all the way up to $75k and a new all-time high.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/5f97348d-d122-4f6c-94e6-00ababfaa10a.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 Liquidation leverage chart. Source: Willy Woo
 </figcaption>
</figure>
Bitcoin rose 3.15% in the 24 hours leading up to 8:05 am UTC on June 5 to trade at $71,124. The world’s first cryptocurrency is up 4.8% on the weekly chart, <a href="https://coinmarketcap.com/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/81fd8fff-2015-47e5-84ce-d62c8219968f.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT, 1-day chart. Source: CoinMarketCap
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/roaring-kitty-gme-manipulation-citron-research">Roaring Kitty’s $300M GME position sparks market manipulation claims</a>
<h2 data-ct-non-breakable="true" id="bitcoin-at-72-000-would-liquidate-800-million-worth-of-leveraged-shorts">Bitcoin at $72,000 would liquidate $800 million worth of leveraged shorts</h2>
Bitcoin price faces significant resistance at the $71,500 and $72,000 marks.
<a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noopener nofollow">According</a> to CoinGlass, a potential move above $72,000 would liquidate $800 million worth of cumulative leveraged short positions across all exchanges.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/1d37f7af-1490-4bf9-8a28-9991483cee68.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin exchange liquidation map. Source: Coinglass
 </figcaption>
</figure>
Above the $72,500 mark, Bitcoin would trigger the liquidation of over $1.2 billion worth of leveraged short positions. Currently, Bitcoin is down 3.4% from its previous all-time high of $73,740, which it reached on March 14.
<a href="https://cointelegraph.com/news/bitcoin-distribution-danger-zone-over-analysts">Bitcoin’s post-halving distribution “danger zone</a>”&nbsp;ended on May 6 when Bitcoin firmly rose above the reaccumulation range of $60,000, according to popular crypto analyst Rekt Capital.
Bitcoin’s price has risen over 12.5% since May 6, confirming the end of the post-halving danger zone.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/e906c2f2-4af9-4e2a-98e8-109f212dd955.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT, 1-day chart. Source: TradingView
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/bitcoin-inflows-rise-ecb-rate-cut">Will Bitcoin benefit from a European Central Bank rate cut?</a>
<h2 id="bitcoin-breaks-two-week-downtrend">Bitcoin breaks two-week downtrend</h2>
Bitcoin price broke out of a significant two-week downtrend on June 3, wrote Rekt Capital in an X <a href="https://x.com/rektcapital/status/1797569078548369745" target="_blank" rel="noopener nofollow">post</a>:
<blockquote data-ct-non-breakable="true">
 “Bitcoin broke its two-week downtrend today. However, we have seen upside wicks beyond this downtrend before. Which is why a Daily Close later today is needed to confirm this breakout.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/0a8e7b4a-9ddc-41d5-b5da-b9cc94627179.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-day chart. Source: Rekt Capital
 </figcaption>
</figure>
However, Bitcoin still needs to turn the $72,000 resistance into support, before it enters the “parabolic phase” of the bull cycle, <a href="https://x.com/rektcapital/status/1798029787761692896/photo/1" target="_blank" rel="noopener nofollow">according</a> to Rekt Capital.
Magazine: <a href="https://cointelegraph.com/magazine/cailtlyn-jenner-token-scammer-sahil-arora-celebrity-network-leaked-price-list/">Caitlyn Jenner meme coin ‘mastermind’s’ celebrity price list leaked</a>

Bitcoin price at $72K is the ‘fuse’ to reach new ATH — Analyst

Table of Contents

Cointelegraph

Other articles published on Jun 5, 2024

Binance Coin Price Prediction:Is BNB Poised to Surpass $1000

Trump's Crypto Stash Hits $30M from Meme Coin Donations

StarkWare Announces to Build a Bitcoin Scaling Solution

MoonBag Coin Rockets Past NEAR Protocol and ChainGPT with 15,000% ROI

Ripple president: Stablecoin likely this year

MoonBag Meme Coin Rewrites History with Highest Presale Record, While Floki Inu and Dogwifhat Fad...

Join our free newsletter for daily crypto updates!