What is the current status of Bitcoin on June 6, 2024? The price of Bitcoin is striving to maintain stability above the $70 mark, hitting a peak of $71.488 today. Over the past few days, the leading cryptocurrency in the market has experienced a significant price recovery due to an influx of spot Bitcoin exchange-traded funds (ETFs).
Renowned cryptocurrency analyst Ali Martinez has identified the crucial support level for Bitcoin to achieve new highs as $68,500. According to Martinez, if Bitcoin can hold this level, the price of the digital asset is likely to continue rising.
When examining the current trend of Bitcoin, Martinez pointed out that a key metric suggests a potential drop of one to four candles before the asset resumes its upward trajectory. “TD Sequential signals a sell on the four-hour Bitcoin chart! This indicates that $BTC might experience a correction of one to four candles before resuming its uptrend.”
At the time of writing, the price of Bitcoin stood at US$71,176.20, marking a 1.1% increase in the last 24 hours and a 4.6% increase over the past week.
Bitcoin surged on June 5, hitting a morning high of $71,321.98. This recent price increase has been crucial for Bitcoin’s recovery, bringing it closer to breaking its all-time high.
In line with Bitcoin’s current upward trajectory, cryptocurrency analyst Willy Woo shared an analysis on June 4, indicating that there could be a potential short sale worth $1.5 billion if Bitcoin reaches the critical $72,000 mark.
Analysts emphasize the significance of Bitcoin reaching the crucial level of US$72, which could trigger mass liquidations and propel the leading cryptocurrency to new price levels.
Please note that the opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
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