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$ 87,371.8
2.52 %
$ 1,632.61
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1.05 %
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Sujit Kumar
Nov 6, 2024
by Sujit Kumar

Bitcoin Reaches All-Time High, Approaches Key Levels for Potential Rally

Bitcoin ATH

Table of contents

  1. Massive Short Liquidations Could Fuel Further Upside
    1. Market Indicators and Predictions Suggest Further Gains
Bitcoin (BTC) has surged to a new all-time high of $75,011.06, following months of consolidation. This breakthrough has invigorated the cryptocurrency market, driving widespread gains across digital assets. Currently trading at $74,366.09, Bitcoin is up 9.20% over the past 24 hours and has risen 17.11% over the past 30 days, according to CoinMarketCap. Bitcoin’s market cap now stands at $1.47 trillion, with a dominant 60.1% market share.

Massive Short Liquidations Could Fuel Further Upside

As BTC approaches the $76,000 mark, data from Coinglass reveals that over $525 million in short positions could be liquidated, potentially sparking a buying frenzy. If Bitcoin surpasses $77,000, another $670 million in shorts will be wiped out, while breaking the $83,000 threshold could lead to over $800 million in liquidations. On Binance, the world’s largest exchange, $213 million in shorts are set to liquidate if Bitcoin climbs to $80,000. These events could amplify BTC’s rally as traders scramble to buy back BTC to minimize losses.

Market Indicators and Predictions Suggest Further Gains

TradingView data indicates that Bitcoin’s price action remains bullish, with a Relative Strength Index (RSI) near overbought levels at 67.80. The positive slope of the RSI line implies potential for further upside. Industry experts also predict strong gains, with Morgan Creek Capital’s Mark Yusko forecasting a six-figure BTC price by mid-December. Analyst Captain Faibik echoes this sentiment, anticipating BTC to reach $100,000 by year’s end if momentum continues.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Bitcoin Reaches New All-Time High
Bitcoin Reaches All-Time High, Approaches Key Levels for Potential Rally
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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