# Bitcoin Price at $72K Could Trigger New ATH with $1.5B Liquidations, Analyst Says By Sheena Jordan Canonical URL: https://www.tokenpost.com/news/business/11974 Published: 2024-06-06T09:49:02.000Z Updated: 2024-06-06T09:49:02.000Z Section: Business > If Bitcoin's price were to rise over $72,000, it would liquidate leveraged short positions totaling $800 million, making it a critical barrier level for Bitcoin. If Bitcoin's price were to rise over $72,000, it would liquidate leveraged short positions totaling $800 million, making it a critical barrier level for Bitcoin. If the price of Bitcoin were to reach $72,000, it would serve as a "fuse," which would cause the psychological barrier of $75,000 to be broken through. Willy Woo, an analyst, believes that if Bitcoin (BTC) were to reach $72,000, it would cause a surge of widespread liquidations, which would pave the way for reaching new all-time highs, as per [Cointelegraph](). Woo wrote in a June 5 X post to his 1.1 million followers: “Tapping $72k is the fuse set to start a liquidation cascade. $1.5b of short positions ready to be liquidated all the way up to $75k and a new all-time high.” During the twenty-four hours leading up to 8:05 am UTC on June 5, the price of bitcoin increased by 3.15 percent, reaching $71,124. According to data provided by [CoinMarketCap](), the one and only cryptocurrency worldwide has experienced a weekly increase of 4.8%. Bitcoin at $72,000 would liquidate $800 million worth of leveraged shorts Bitcoin's price faces significant resistance at the $71,500 and $72,000 marks. According to [CoinGlass](), a hypothetical advance above $72,000 would result in the liquidation of cumulative leveraged short bets across all exchanges worth $800 million. If the price of Bitcoin were to rise over $72,500, it would cause leveraged short positions totaling more than $1.2 billion to be liquidated. Bitcoin's price has dropped by 3.4% after it achieved its previous all-time high of $73,740 on March 14. This record was attained on March 14. According to a well-known cryptocurrency analyst, Rekt Capital, Bitcoin was in the "danger zone" after half of its distribution ended on May 6 when the cryptocurrency confidently soared beyond the reaccumulation range of $60,000. Since May 6, the price of bitcoin has increased by more than 12.5%, firmly establishing that the post-halving danger zone has been eliminated. Bitcoin breaks the two-week downtrend According to a report published by Rekt Capital on X, the price of bitcoin broke out of a substantial two-week downward trend on June 3: “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.” According to [Rekt Capital](), Bitcoin must first overcome the resistance level of $72,000 to enter the "parabolic phase" of the bull cycle. Photo: [Microsoft Bing]() [TokenPost]() | info@tokenpost.com ## Links in this article - [Cointelegraph](https://cointelegraph.com/news/bitcoin-price-72k-fuse-75k-analyst) - [CoinMarketCap](https://coinmarketcap.com/) - [CoinGlass](https://www.coinglass.com/pro/futures/LiquidationMap) - [Rekt Capital](https://x.com/rektcapital/status/1798029787761692896/photo/1) - [Microsoft Bing](https://www.bing.com/images/create/bitcoin-price-at-2472k-could-trigger-new-ath-with-24/1-6660746d40d744a0911c25b1d2dd071a?id=ZJs2K%2fs8E%2bM1mvS6sAltuw%3d%3d&view=detailv2&idpp=genimg&thId=OIG4.Qfu7rOJ8rx.o2jqboeqI&FORM=GCRIDP&mode=overlay) - [TokenPost](https://www.tokenpost.com)