Bitcoin Price Surge to AU$108,245 (US$72,000) Could Ignite New All-Time Highs

Posted on 06/06/2024 | 313 Views

Bitcoin's price momentum is building towards AU$108,245 (US$72,000), a crucial level that could set off a chain reaction leading to new all-time highs. Analyst Willy Woo suggests that reaching this milestone would trigger mass liquidations and propel Bitcoin beyond the significant AU$112,755 (US$75,000) psychological barrier.

In a June 5 post to his 1.1 million followers on X, Woo remarked: "Tapping AU$108,245 (US$72,000) is the fuse set to start a liquidation cascade. AU$2.255 billion (US$1.5 billion) of short positions ready to be liquidated all the way up to AU$112,755 (US$75,000) and a new all-time high."

A computer screen shot of a graphDescription automatically generatedSource: Source: Willy Woo

Bitcoin experienced an approximately 3% increase yesterday, trading at AU$107,018 (US$71,124). CoinMarketCap data shows that Bitcoin, the world's first cryptocurrency, is up approximately 5% on the weekly chart.

Bitcoin at AU$108,245 (US$72,000) Would Liquidate AU$1.204 billion (US$800 Million) Worth of Leveraged Shorts

Bitcoin faces considerable resistance at AU$107,758 (US$71,500) and AU$108,245 (US$72,000). CoinGlass data indicates that surpassing AU$108,245 (US$72,000) would liquidate AU$1.204 billion (US$800 million) in leveraged short positions across all exchanges.

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Above AU$109,057 (US$72,500), Bitcoin could trigger the liquidation of over AU$1.804 billion (US$1.2 billion) in leveraged short positions. Currently, Bitcoin is 3.4% below its previous all-time high of AU$110,741 (US$73,740), reached on March 14.

Bitcoin’s post-halving distribution "danger zone" concluded on May 6, as Bitcoin firmly rose above the reaccumulation range of AU$90,204 (US$60,000), according to crypto analyst Rekt Capital. Bitcoin’s price has climbed over 12.5% since May 6, confirming the end of this critical phase.

Bitcoin Breaks Out of Two-Week Downtrend

On June 3, Bitcoin broke out of a significant two-week downtrend, as noted by Rekt Capital in an X post: "Bitcoin broke its two-week downtrend today. However, we have seen upside wicks beyond this downtrend before. Which is why a Daily Close later today is needed to confirm this breakout."

Despite this positive movement, Bitcoin still needs to convert the AU$108,245 (US$72,000) resistance into support to enter the "parabolic phase" of the bull cycle, as highlighted by Rekt Capital.

As Bitcoin navigates these critical levels, traders and investors are closely monitoring the market, anticipating the potential for historic price movements. The excitement is palpable as Bitcoin edges closer to a significant breakout, possibly heralding a new era of unprecedented highs.

 

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