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monero
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bitcoin
Bitcoin (BTC) $ 63,653.05
ethereum
Ethereum (ETH) $ 3,392.68
tether
Tether (USDT) $ 0.999767
bnb
BNB (BNB) $ 568.43
usd-coin
USDC (USDC) $ 0.999539
xrp
XRP (XRP) $ 0.548448
binance-usd
BUSD (BUSD) $ 0.944384
dogecoin
Dogecoin (DOGE) $ 0.119026
cardano
Cardano (ADA) $ 0.421404
solana
Solana (SOL) $ 161.07
matic-network
Polygon (MATIC) $ 0.513036
polkadot
Polkadot (DOT) $ 6.08
tron
TRON (TRX) $ 0.135088

Bitcoin Is Preparing to Explode Short Positions!

Must Read

Bitcoin, which failed in its makes an attempt to exceed $ 70,000 and moved round $ 68,000, continues to indicate bullish indicators.

At this level, whereas many analysts said that on-chain information gave a bullish sign for BTC, one other bullish remark got here from the well-known analyst Willy Woo.

Stating that Bitcoin has been going by way of a consolidation part for about 2.5 months, Willy Woo stated that there’s a big upward demand for BTC.

Based on Woo, this era of consolidation reveals that Bitcoin value has extra room to rise earlier than reaching its peak.

Woo additionally identified that the Bitcoin community web capital movement reached its lowest ranges through the consolidation part, however elevated steadily all through Might, and said that this means an upward development.

The analyst argued that elevated demand and inflows into Bitcoin ETFs are additionally constructive for the BTC value.

Moreover, Woo famous that there was a resurgence of Bitcoin bullish demand within the futures markets, particularly amongst retail merchants who’ve demonstrated long-term demand.

Lastly, within the consolidation part, Woo said that there was a robust BTC whale accumulation and numerous Bitcoins left the exchanges, and said that this might put upward stress on the Bitcoin value.

Willy Woo, who additionally introduced his short-term Bitcoin value goal, stated that $ 73,000 stays a troublesome resistance stage for BTC.

Based on Woo, if Bitcoin can rise above $72,000, BTC will attain the brand new ATH by rising above $75,000 and there will probably be an amazing quantity of brief liquidation.

73k continues to be formidable resistance.

If value can get above 72k, there’s an immense quantity of liquidations to provide BTC a brief squeezed quick trip to 75k+ to lastly break all-time-highs.

IMO it is solely a matter of time earlier than basic demand triggers a value squeeze. pic.twitter.com/Vdz7gmOs4O

— Willy Woo (@woonomic) Might 28, 2024

*This isn’t funding recommendation.

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