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BTC will face $1.4 billion liquidation if price rises to this level
Recently, the cryptocurrency market has undergone a significant correction, witnessing a sudden increase in the global cryptocurrency market capitalization. This upward move coincided with Bitcoin Liquidation Heatmap data, signaling the potential for a substantial $1.45 billion Bitcoin sell-off once BTC hits the critical $74,300 threshold.
As of today, the price of Bitcoin (BTC) is at $70,931.32, with the cryptocurrency The 24-hour trading volume was recorded at $43.7 billion. In the last 24 hours, Bitcoin soared 5.89%. This sharp increase put the market on alert, anticipating potential sell-offs and price movements.
Analysis of Bitcoin Price Trends and Imminent Liquidation
Despite the looming threat of Bitcoin’s $1.45 billion short liquidation at $74,300, BTC recently broke its range and has been on a growth spree in recent hours amid constant flows of more than US$237 million. Bitcoin’s sudden price pump resulted in heavy liquidation by short traders, totaling 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. O Relative Strength Index (RSI) it surpassed the 50% mark, reaching a level of 68.90, which signals a return to bullish momentum. Consequently, breaking 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 had a huge daily candle after the last red candle on May 19, with a 6% increase to $70,920.36, stabilizing the uptrend. The open interest in Bitcoin increased by 5.47% in the last 24 hours and is valued at US$18.7 billion. The RSI remains bullish at 68.90. Currently, Bitcoin (BTC) is trading between $71,719.23 and $70,725.64.
Bitcoin’s real market capitalization is $1.3 trillion. Given current market dynamics and bullish indicators, market analysts predict that Bitcoin could continue its upward trajectory, potentially facing significant sell-offs if it reaches the $74,300 mark. This limit is critical as it can trigger a strong compression in sales, boosting the price even further.
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