The value of Bitcoin (BTC) saw a remarkable surge on June 5th, reaching a peak of US$71,321.98 in the morning. Over the past few days, the price of the leading cryptocurrency has been quite volatile, making this latest increase significant as it brings Bitcoin closer to surpassing its all-time high.
With BTC’s current upward trend, cryptocurrency analyst Willy Woo shared an analysis on June 4th, pointing out that there could be a potential $1.5 billion Bitcoin short sale if the token manages to hit the crucial milestone of US$72,000. The analysis underscores the importance of Bitcoin reaching this key level, as it could trigger mass liquidations and propel the largest cryptocurrency to new price heights.
Reaching $72,000 is like lighting the fuse for a cascade of liquidations, with $1.5 billion in short positions ready to be liquidated all the way up to $75,000 and a new record high.
Bitcoin’s price surge brings it close to historic levels
Bitcoin kicked off the day with a strong performance, marking an impressive price recovery. This resurgence in the value of the top crypto asset coincides with the introduction of US spot Bitcoin-based exchange-traded funds (ETFs). While Bitcoin saw a 4% increase in price over the past day, it later retracted slightly.
As of now, the price of Bitcoin stands at US$70,948.34, showing a 3.0% rise in the last 24 hours. The highest price ever paid for Bitcoin was $73,737.94, recorded three months ago on March 14th. Currently, the price is 3.87% lower than Bitcoin’s all-time peak.
This movement has led to a substantial uptick in Bitcoin trading activity. The trading volume for Bitcoin is now at $37,221,726,424 in the last 24 hours, marking a 37.90% increase compared to the previous day and indicating a recent surge in market participation.
Please note that the opinions expressed in this article are solely for informational purposes 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 certain pattern is achieved, suggesting a potential post-halving boom on the horizon.