Bitcoin aims for $72,000: Here’s what it needs to hit the next milestone
The post Bitcoin aims for $72,000: Here’s what it needs to hit the next milestone appeared on BitcoinEthereumNews.com.
Following the breakout of the $68,500 level, there is a strong possibility that Bitcoin will hit the $72,000 level next. Bitcoin’s open interest (OI) increased by 5.5%, signaling growing interest from investors and traders. The overall cryptocurrency market sentiment appeared bullish on 27th July, and the world’s biggest digital asset Bitcoin [BTC] has breached its strong resistance level of $68,500. Breakout for Bitcoin Following this breakout of crucial level, BTC’s open interest (OI) jumped by 5.5%, according to an on-chain analytic firm CoinGlass. Apart from the rise in OI, BTC was trading near the $69,320 mark at press time and has experienced a price surge of over 2.45% in the last 24 hours, according to CoinMarketCap data. Additionally, this breakout has liquidated a notable $7.36 million worth of BTC short positions in just one hour. Whereas, the total liquidation in the last 24 hours increased to $27.82 million, with $22.04 million of liquidations coming from short positions and $5.78 million from long positions. Source: CoinGlass This data by CoinGlass potentially indicates that short sellers are now exhausted. Bitcoin technical analysis and key levels According to expert technical analysis, BTC looks bullish on a daily time frame and may hit the $72,000 mark, which is its next hurdle or we can say the upcoming resistance. Looking at the current market sentiment and bullishness in the crypto market, BTC can easily breach this resistance level. Source: TradingView Despite this bullishness, BTC has tried five times since March 2024 to breach the $72,000 mark but failed each time, as per the price action and historical data. If this time, BTC breaches this level and gives a daily candle closing above the $72,000 mark then we may see a bullish momentum till $74,000 or even more. Experts’ BTC prediction However, experts and investors are…
Filed under: News - @ July 29, 2024 2:12 am