The price of Bitcoin (BTC) soared today, June 5, reaching a morning high of $71,321.98. In recent days, the price of the largest cryptocurrency has fluctuated a lot, with this increase being important for Bitcoin’s recovery, putting it close to breaking its historical record.
In light of BTC’s current upward movement, cryptocurrency analyst Willy Woo shared an analysis on June 4 highlighting that there will be a potential Bitcoin short sale worth $1.5 billion if the token manages to reach the crucial milestone. of US$72,000.
Analysis suggests the importance of Bitcoin reaching the critical level of US$72,000, which could act as a trigger, triggering mass liquidations, as well as taking the largest cryptocurrency to new price levels.
“Touching 72k is the fuse set to start a liquidation cascade. $1.5 billion in short positions ready to be liquidated up to $75,000 and a new all-time high.”
BREAKING: (F*ck knows what “breaking” means but people click on it).
Tapping 72k is the fuse that’s set to start a liquation cascade. $1.5b of short positions ready to be liquidated all the way up to $75k and a new all time high. https://t.co/uYugscJkVF pic.twitter.com/23rspMcgLT
— Willy Woo (@woonomic) June 5, 2024
Bitcoin (BTC) price soars and approaches historic high
Bitcoin started the day trading higher amid an impressive price recovery today. This recent recovery of the largest crypto asset comes in the face of massive inflows into US spot Bitcoin-based exchange-traded funds (ETFs). The price of Bitcoin rose by 4% in the last day, but soon retreated.
At the time of publication, the price of Bitcoin was quoted at US$70,948.34, up 3.0% in the last 24 hours. The highest price paid for Bitcoin (BTC) was $73,737.94, recorded on March 14 (3 months). Comparatively, the current price is 3.87% lower than BTC’s all-time peak.
The movement drove a significant increase in BTC trading. Currently, Bitcoin trading volume is US$37,221,726,424 in the last 24 hours, representing an increase of 37.90% compared to the previous day, signaling a recent rise in market activity.
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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/preco-do-bitcoin-alcancar-us-72-mil-pode-significar-estopim-para-novo-ath-acredita-especialista/
