Bitcoin Price of $72,000 Could Trigger Mass Liquidations and New All-Time Highs

• Bitcoin hitting $72,000 could trigger mass liquidations and break $75,000 barrier.
• Analyst Willy Woo predicts $1.5b shorts liquidated up to $75k and new ATH.
• $800m shorts liquidated at $72k, $1.2b above $72,500 resistance.
• Bitcoin broke two-week downtrend on June 3, needs $72k support for parabolic phase.
• Post-halving danger zone ended on May 6, Bitcoin up 12.5% since.
• Bitcoin faces resistance at $71,500 and $72,000, needs support for new highs.

Summary :
If the price of Bitcoin reaches $72,000, it could trigger a wave of mass liquidations and pave the way for new all-time highs, according to analyst Willy Woo. He believes that tapping $72k would act as a fuse, leading to the liquidation of $1.5 billion worth of short positions and potentially pushing the price up to $75,000. Currently, Bitcoin is trading at $71,124 and has seen a 3.15% increase in the past 24 hours. A move above $72,000 would liquidate $800 million worth of leveraged short positions, and above $72,500, over $1.2 billion worth of positions would be liquidated. Bitcoin broke out of a two-week downtrend on June 3, but it still needs to turn the $72,000 resistance into support to enter the parabolic phase of the bull cycle.

Sources :

- CoinTelegraph