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BTC will face a $1.4 billion liquidation if the price rises to this level
Recently, the cryptocurrency market has undergone a significant correction, witnessing a sudden increase in the capitalization of the global cryptocurrency market. This bullish move coincided with data from the Bitcoin Liquidation Heatmap, signaling the potential for a substantial $1.45 billion in Bitcoin short liquidation once BTC reaches the critical $74,300 mark.
As of today, the price of Bitcoin (BTC) stands at $70,931.32, with the cryptocurrency The 24-hour trading volume was $43.7 billion. Over the past 24 hours, Bitcoin is up 5.89%. This sharp increase has put the market in tension, anticipating potential liquidations and price movements.
Analysis of Bitcoin price action and upcoming liquidation
Despite the looming threat of a near liquidation of $1.45 billion worth of Bitcoin at $74,300, BTC recently broke out of its range and has seen frenetic growth in recent hours amid constant inflows of over 237 million dollars. Bitcoin’s sudden price pump has led to the heavy liquidation of short traders, amounting to over $345 million in revenue from crypto derivatives trading.
This significant turnover suggests that Bitcoin bulls are currently in control, raising the possibility of a new all-time high. THE Relative Strength Index (RSI) it crossed the 50% mark, reaching the 68.90 level, signaling a return to bullish momentum. As a result, breaking above the $70,000 mark paved the way for a rally towards and potentially beyond the previous all-time high (ATH).
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Current Bitcoin market outlook and price predictions
Bitcoin saw a huge daily candle after the last red candle on May 19, rising 6% to $70,920.36, stabilizing the uptrend. Open interest towards Bitcoin it increased by 5.47% in the last 24 hours and is valued at $18.7 billion. The RSI remains bullish at the 68.90 level. Currently, Bitcoin (BTC) is trading between $71,719.23 and $70,725.64.
Bitcoin’s real market capitalization is $1.3 trillion. Given the current market dynamics and bullish indicators, market analysts predict that Bitcoin could continue its upward trajectory, potentially facing significant liquidations if it reaches the $74,300 mark. This threshold is critical as it could trigger a substantial short squeeze, pushing the price further.
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