The cryptocurrency market recently experienced a significant correction, followed by a sudden increase in the global crypto market value. This rise Bitcoin It coincided with data from the Liquidation Heat Map and pointed to the potential for a massive $1.45 billion Bitcoin short liquidation if BTC reaches the critical threshold of $74,300.
As of today, Bitcoin price It is trading at $70,931 and its 24-hour trading volume was recorded at $43.7 billion. The increase keeps the market alert and worries about possible liquidations and price movements.
Analysis of Bitcoin Price Trends and Upcoming Liquidation
Despite the threat of a $1.45 billion short liquidation at BTC’s $74,300 level, Bitcoin has broken out of its recent range and is trending higher with a steady inflow above $237 million in recent hours. The sudden price increase led to heavy liquidation of short-term traders, resulting in over $345 million in revenue from crypto derivatives trading.
This significant reversal shows that Bitcoin bulls are currently in control and raises the possibility of a new all-time high (ATH). The Relative Strength Index (RSI) exceeded 50% to reach 68.90, indicating a return to bullish momentum. Therefore, exceeding the $70,000 level paved the way for the potential to surpass the previous ATH and reach new highs.
Current Market Outlook and Price Forecasts
Bitcoin saw a major daily candle rising 6% to $70,920.36 following the last red candle on May 19, consolidating the uptrend. Open positions in BTC increased by 5.47% in the last 24 hours, reaching the level of 18.7 billion dollars. The RSI is at 68.90 and remains bullish. Currently, the price is trading between $71,719 and $70,725.
Bitcoin’s live market value is at $1.3 trillion. Considering the current market dynamics and bullish indicators, market analysts predict that the price may continue its upward trend and face significant liquidations if it reaches the $74,300 level. This threshold could trigger a large short squeeze, pushing the price even higher.
