The worldwide cryptocurrency market capitalization abruptly dropped during the recent major correction in the cryptocurrency industry. Popular analyst Willy Woo shared data from the Bitcoin Liquidation Heatmap that coincided with this collapse. The study suggests that once Bitcoin crosses the crucial $72,000 barrier, there may be a significant $1.5 billion short sale. Today’s price of BTC is $70,959.96, and the 24-hour trading volume of the cryptocurrency is $36.5 billion. Bitcoin has increased 2.85% in the last day, indicating a significant rebound despite the current market turbulence.
Examination of the Price Trends of Bitcoin and the Upcoming Liquidation
BTC has shown resilience despite the impending $1.5 billion short liquidation threat at $72,000. It was formerly contained within a sizable pattern of descending channels with lower highs and lows. But there’s been a breakout, which some see as an indication of an impending bull market. The $60,000 support zone has demonstrated its resilience several times as market sentiment aims to reach the channel’s upper boundary.
The price of BTC had a tremendous increase yesterday, breaking through the resistance line of the symmetrical triangle, hitting the first target at $70,645.00, and aiming for additional gains towards $73,800.00. The EMA50’s ability to carry the price from below is predicted to help continue the bullish trend. Notably, a break of $68,890.00 would reverse the anticipated increase and expose the market to intraday negative pressure when the Relative Strength Index (RSI) rises above 50%, bullish momentum returns. Willy Woo has also stated that a break above $72,000 may trigger a rally toward $75,000 and possibly even higher all-time highs.
Current Market Trends and Future Prospects
The current live price of Bitcoin (BTC) is $71,028.56, with $32.4 billion in trading volume over a day. With a 3% increase in the last day, the cryptocurrency trades between $71,224.18 and $70,476.79. The current market capitalization of bitcoin is $1.3 trillion. With a 5.96% increase in open interest, the value of Bitcoin has reached $20.4 billion. Based on past price data, Bitcoin will set a new record high within the first few weeks of 2025.
The price followed a parabolic curve during the previous bull run, currently at the halfway point of the rally. The RSI suggests a well-planned rally, but bullish vigor has been weakened by recent rejections over $71,000. Traders now anticipate that BTC will continue its downward trend for some time. Long-term market conditions, however, are expected to change and could significantly affect the course of Bitcoin’s price.
