Bitcoin’s price skyrocketed on June 5th, hitting a peak of $71,321.98 in the morning. The cryptocurrency has experienced significant fluctuations recently, with this surge being a crucial step towards its recovery and potentially breaking its all-time high.
In response to Bitcoin’s upward momentum, cryptocurrency analyst Willy Woo shared an analysis on June 4th, highlighting the possibility of a $1.5 billion Bitcoin short sale if the token reaches the important milestone of $72,000. This analysis underscores the significance of Bitcoin hitting the critical level of $72,000, which could trigger mass liquidations and propel the cryptocurrency to new price levels.
Woo expressed, “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 remarkable price recovery, driven by entries in US spot Bitcoin-based exchange-traded funds (ETFs). The price surged by 4% initially, but later retraced. Currently, Bitcoin is trading at $70,948.34, marking a 3.0% increase in the last 24 hours. The highest price ever paid for Bitcoin was $73,737.94 on March 14, which is 3.87% higher than the current price.
This movement led to a significant surge in Bitcoin trading volume, which reached $37,221,726,424 in the last 24 hours, indicating a 37.90% increase compared to the previous day and a recent uptick in market activity.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, an expert predicts that Bitcoin’s price could reach $82,000 after a particular pattern is achieved, suggesting a potential post-halving Bitcoin boom on the horizon.