Bitcoin to Trigger Cascade of Short Liquidations at $72K, Predicts On-Chain Analyst
CryptoNewsTerminal Staff05 Jun, 2024
Bitcoin to Trigger Cascade of Short Liquidations at $72K, Predicts On-Chain Analyst
Bitcoin is set to trigger a cascade of short liquidations once it hits $72,000, according to on-chain cryptocurrency analyst Willy Woo. Woo said via Twitter on Monday that around $1.5 billion worth of shorts are stacked between $72,000–$75,000, and Bitcoin is poised to make a run for fresh all-time highs. "This is a huge level," Woo said. "If Bitcoin can break through this resistance, it could trigger a cascade of short liquidations that would send the price even higher." Bitcoin has been on a tear in recent weeks, rallying from around $30,000 in July to over $60,000 today. The rally has been fueled by a number of factors, including increased institutional adoption, a growing recognition of Bitcoin as a store of value, and the launch of the Taproot upgrade. If Bitcoin can continue its upward momentum and break through the $72,000 resistance level, it could set the stage for a major bull run.
