Recently, the Bitcoin market faced a major correction, drastically reducing global market capitalization.
Recently, the bitcoin market underwent a major correction, resulting in a rapid decrease in the total market capitalization of all cryptocurrencies around the world. The decline coincided with the dissemination of information about the Bitcoin Liquidation Heatmap by renowned expert Willy Woo.
Once Bitcoin crosses the key level of $72,000, the study indicates that there is the potential for a significant short-term liquidation of $1.5 billion in BTC. Currently, Bitcoin (BTC) is trading at $70,959.96, with a 24-hour trading volume of $36.5 billion. In spite of the recent turbulence in the market, Bitcoin has had a significant comeback, as evidenced by its 2.85% increase over the past twenty-four hours.
BTC has demonstrated resiliency in spite of the impending short-liquidation threat of $1.5 billion placed on the cryptocurrency at $72,000. Previously, a massive declining channel pattern containing lower highs and lows encapsulated the cryptocurrency. On the other hand, a breakout has taken place, which some people consider to be an indication of the possibility of a bull market.
There have been several instances in which the $60,000 support zone has demonstrated its resilience, with market sentiment aiming for the channel’s higher limit. The price of bitcoin experienced a significant upward rally yesterday, breaking through the resistance line of the symmetrical triangle. This allowed the price to hit the first target of $70,645.00, and it is now looking to make additional gains towards $73,800.00.
We anticipate that the positive trend will persist, with the EMA50 providing support by carrying the price from below. Specifically, if the price fell below $68,890.00, it would end the anticipated increase and put the price under negative pressure on an intraday basis. When the Relative Strength Index (RSI) reaches a level that is greater than fifty percent, it signals that bullish momentum has returned.
In addition, Willy Woo has forecast that the recent breach of the $72,000 mark could result in a rally towards $75,000 and possibly even new all-time highs.As of today, the live price of BTCis $71,028.56, and the volume of activity that has occurred over the past 24 hours is $32.4 billion.
In the previous twenty-four hours, the valuation of the cryptocurrency has increased by three percent, and it is presently trading between $71,224.18 and $70,476.79. The current real-time market capitalization of Bitcoin is $1.3 trillion. Bitcoin’s open interest has increased by 5.96%, resulting in a valuation exceeding $20.4 billion.
Historical price data indicates that Bitcoin is progressing towards its goal of reaching a new all-time high in the first few weeks of 2025. Throughout the most recent bull run, the price has followed a parabolic curve, and it appears that the price is currently halfway through the rise.
Despite the Relative Vigor Index (RSI) indicating a well-planned rally, recent rejections over $71,000 have diminished bullish vigor. As of now, traders anticipate that Bitcoin will continue its current lethargic trajectory for some time. From a long-term perspective, we anticipate that evolving market dynamics could significantly influence the price trajectory of Bitcoin, the virtual currency.