Bitcoin’s Fall and Potential Rise: $75,000 in Sight Despite Risks

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The Essentials in Brief

The Bitcoin price has declined after reaching 64,000 US dollars, erasing millions in the process. Both short and long positions fell victim to the fluctuations. The liquidation map suggests that Bitcoin could potentially rise to 70,000 US dollars without any obstacles.

The Details

On February 28, the Bitcoin price exceeded the 64,000 US dollar mark. Shortly thereafter, however, the price of the cryptocurrency fell below the 60,000 US dollar threshold. According to data from Coinglass, which AMBCrypto has evaluated, the total liquidation amounted to over 790 million US dollars. Of this, 438 million US dollars were due to short positions and about 352 million US dollars were due to long liquidations.

The Outlook

The liquidation map could also indicate the potential prices at which positions could face another round of liquidation. Our analysis based on data from HyblockCapital suggests that the Bitcoin price could rise to 75,000 US dollars in the coming weeks. In addition, the indicator showed no major resistance on this path. However, should Bitcoin reach 70,000 US dollars, many short positions between 49,000 and 56,000 US dollars could be up for liquidation.

Bears Almost Nonexistent

On the daily timeframe, the bulls held the firm support at 55,450 US dollars. On the way to 64,000 US dollars, however, Bitcoin experienced slight resistance at 57,395 US dollars. Nonetheless, the buying pressure helped clear the way. AMBCrypto noted that BTC recorded a 15.01% increase between the firm support and its rise to 61,837 US dollars.

Our Assessment

If the buying pressure continues as in recent days, BTC could exceed the 69,000 US dollar mark. However, if bearish forces gain a share of market dominance, the Bitcoin price could fall to 55,000 US dollars. But under the current market conditions, the indicators point to an upward trend.

Sources: Victor Olanrewaju, Ann Maria Shibu, HyblockCapital, TradingView

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Casinos: 47
Profile Bitcoin
Symbol BTC
Coin type Alt Coin
Transaction Speed Slow
Pros
  • First cryptocurrency, therefore very widespread
  • Largest selection of casinos among the coins
  • Many BTC based bonus offers
Cons
  • Fairly low transaction speed
Price 62.079,00 €
Percent Change 24h 0,61 %
Percent Change 7d -4,29 %
Percent Change 30d -1,06 %
Percent Change 60d 9,93 %
Percent Change 1y 156,56 %
Market Cap 1.223.994.586.721,00 €
Max. Supply 21.000.000
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Last update: 11. June 2024

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