Bitcoin (BTC) has been stuck in a rut, failing to break through the crucial $70,000 mark. This has led to some investors getting squeezed out, with over $190 million in crypto liquidations in the past 24 hours.
Liquidations Hit Hard
The biggest losers were Bitcoin traders, with $47.7 million in liquidations. Ethereum (ETH) wasn’t far behind, with $46.2 million in losses. Other coins like Solana (SOL), Dogecoin (DOGE), and Apecoin (APE) also saw significant liquidations.
The majority of these losses were from traders who were betting on Bitcoin to rise (long positions). This suggests that many people were expecting Bitcoin to break its all-time high (ATH) of $73,737 soon.
Will Bitcoin Break Through?
To reach a new ATH, Bitcoin needs to overcome the strong resistance at $70,000. If it does, it could attract more investors, according to crypto trading firm QCP Capital. However, they are cautious, saying there are no major catalysts this week and expect Bitcoin to trade sideways for now.
Analysts Remain Bullish
Despite the recent setback, some crypto analysts remain optimistic about Bitcoin’s future. They point to technical indicators like the multi-year ascending channel and the market value to realized value (MVRV) ratio, which both suggest that Bitcoin is poised for a significant rise.
One analyst predicts that Bitcoin could reach $100,000 if it breaks through the $72,000 resistance level.
Retail Interest Waning
However, there are some signs that retail interest in Bitcoin is cooling down. Google searches for Bitcoin-related keywords have recently dropped, suggesting that fewer people are looking to buy the cryptocurrency.
The Bottom Line
Bitcoin is currently facing a bit of a roadblock, but many analysts believe it will eventually break through and reach new highs. However, it’s important to remember that the market is unpredictable and there are no guarantees.
