Bitcoin is on a strong growth trajectory, with an important breakthrough attracting attention!
Bitcoin is approaching a key price level, promising a breakout rally. On June 5, Bitcoin surpassed the $71,000 mark and is currently approaching $72,000. A breach of this level could trigger a wave of liquidations, pushing the price past the psychological barrier of $75,000 and to new highs. The price of 72,000 USD was the trigger for about 1.5 billion USD of short positions to be liquidated, driving a strong price increase.
The importance of the price level of $72,000 cannot be ignored, as it is seen as the deciding factor for Bitcoin's next price increase. Data shows that the key liquidation level is at this range, and when it is crossed, the market will witness large fluctuations. Bitcoin's recent performance has broken out of a bullish pennant pattern, with the current price of $71,124 up 3.15% over the past 24 hours and 4.8% on the week, reinforcing expectations of a high new.
Additionally, Bitcoin broke a two-week downtrend, reinforcing bullish sentiment. If Bitcoin turns the $72,000 resistance level into support, it could enter the "parabolic phase" of the bull cycle, where the price increases exponentially after a period of accumulation. This has inspired investors and traders to expect a continuous bull run, taking Bitcoin to new heights.
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