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Bitcoin (BTC) Can Easily Reach $72,500 – Here’s Why
Arman Shirinyan
Bitcoin might look disastrous, but the possibility of a turnaround still exists
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Despite Bitcoin Trading at the lower levels of the monthly trading range, the first cryptocurrency is unlikely to have any problems moving higher considering the current liquidity distribution. The chart provided shows that the majority of the selling pressure lies well above the $70,000 mark, and the only thing needed for a reversal at this time is some buying. volume.
Liquidity between $70,000 and $80,000 indicates a significant concentration of liquidation leverage. Given the higher level liquidity, it is possible that this could happen Bitcoin will rise rapidly to reach these high liquidity zones once it begins to recover.
Below these levels, selling pressure becomes much less, which fosters an environment conducive to price growth. Right now, Bitcoin is finding support slightly above its 200-day moving average at $57,000. Bullish momentum must maintain this level of technical support. The path to $72,500 and above becomes more accessible if Bitcoin can maintain this support and buyers take action. In this case, the dynamics of market liquidity is crucial.
Significant buying activity can trigger a chain reaction of liquidations that will quickly push the price higher because there is ample liquidity above $70,000. Additionally, historical patterns and market behavior indicate that when liquidity is heavily skewed upward, Bitcoin often sees sharp increases in value.
Increased buying volume and optimistic market sentiment could serve as catalysts for this upward trajectory, so traders and investors should keep an eye on them. In conclusion, there is a good opportunity for Bitcoin to eventually reach $72,500 based on liquidity distribution and technical support levels.
While recent price declines have made market sentiment appear bearish, underlying liquidity indicates a significant rally may be on the way. It is advisable to remain alert to buying opportunities and market indicators that may indicate the start of this expected move.
About the author
Arman Shirinyan
Arman Shirinyan is a trader, cryptocurrency enthusiast and SMM expert with more than four years of experience.
Arman firmly believes that cryptocurrencies and blockchain will be in constant use in the future. Currently he focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.