š¢Hereās when Bitcoin (BTC) could hit $72,000:
š„The leadingĀ cryptocurrency, Bitcoin (BTC), has been trading between $60,000 and $72,000 for over two months. Now,Ā bullishĀ indicators suggest BTC could revisit the rangeās top after more than a month of trading at itsĀ support.
š„Notably, Bitcoin entered the current range on February 28 in a remarkable bull rally before reaching its previous all-time high. As developed, BTC made new highs at $73,805 in the first deviation from the range in mid-March. Later, another deviation happened on May 1āthis time, downwards.
š„Short squeeze alert for Bitcoin (BTC) to $72,000
Interestingly,Ā derivativesĀ dataĀ fromĀ CoinGlassĀ on May 11 further validate a short-term forecast of $72,000 for Bitcoin.
On that note, the one-month liquidation leverage heatmap shows two meaningful liquidity pools upwards due to increased open interest forĀ short positionsĀ against BTC during this bearish last month.
In particular, the $67,000 and $71,000 are key levels with billions of dollars in short liquidations. If the sentiment changes for Bitcoin, these could become easy targets, potentially triggering two short-squeeze events that would drive the price to hit $72,000.