Bitcoin (BTC ) news

Bitcoin Price Could Reach $75,000 Amidst Recent Corrections

The price of Bitcoin, the leading cryptocurrency, could potentially reach the highly anticipated level of $75,000 by the end of the weekend.

Bitcoin has already experienced a correction of 18%, dropping below the $61,000 level last week. Since then, the cryptocurrency has managed to mitigate these losses and reclaim its previous uptrend peak.

Earlier today, the largest cryptocurrency surpassed the $71,500 level on major spot exchanges. However, it has since retraced to below $69,000.

According to reports from Bitcoin lost some of its momentum amidst the broader cryptocurrency market after Coinbase, the largest U.S. exchange, failed to dismiss the lawsuit filed by the U.S. Securities and Exchange Commission. The lawsuit is now moving into the discovery phase.

Currently, there appears to be a calm before another significant move in the market.

Nearly $239 million worth of cryptocurrencies were liquidated in the past 24 hours. Long positions accounted for the majority of this amount ($166 million).

Key Resistance Levels

Meanwhile, renowned cryptocurrency analyst Ali believes that Bitcoin’s major resistance barrier ranges between $70,180 and $70,600.

According to data provided by IntoTheBlock, there is significant concentration with 291,000 addresses buying Bitcoin at an average price of $70,223 outside the money.

Read more Hong Kong’s Move towards Permitting Physical Settlement and Redemption in Exchange-Traded Funds (ETFs) Signals Potential Shift Away from U.S. Cash-Only Model

Additionally, as highlighted by blockchain analytics firm Glassnode, the leading cryptocurrency has reached a “statistically significant level” concerning unrealized profits within its supply.

It is worth noting that there are only 21 days left before Bitcoin’s next halving, and some traders remain convinced that the largest cryptocurrency could witness a significant rally before this event.

Important Notice: Disclaimer Regarding Financial Advice
The information presented in this article is intended solely for informational purposes and should not be considered as financial advice. disclaims any responsibility for investment decisions made by individuals relying on the information provided herein. It is highly recommended to consult with a qualified professional or financial advisor before making any investment decisions. Your financial well-being is crucial, and seeking expert guidance ensures that your investment choices align with your individual financial goals and risk tolerance.

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