Can Investors Expect Bitcoin to Hit $75,000 Soon?

• Bitcoin hits new all-time high, facing resistance above $73,000.
• Significant liquidations indicate market volatility; long positions bear brunt.

Bitcoin has once again captured the attention of investors as it surged to a new all-time high above the $73,000 mark. However, its ascent faced resistance, leading to a pullback below $70,000.

Despite the setback, Bitcoin has managed to maintain stability above the $70,000 level, supported by positive market sentiment. The cryptocurrency’s resilience is evident as it trades above the 100 hourly Simple Moving Average, indicating ongoing bullish momentum.

As Bitcoin attempts to regain its footing, immediate resistance lies near the $72,850 level, with a crucial $73,000 resistance zone. A clear breakthrough above these levels could pave the way for further gains, pushing Bitcoin towards the $74,000 and $75,000 levels.

Conversely, failure to surpass the $72,000 resistance zone might trigger a downside correction. In such a scenario, support levels at $71,300 and the trend line become crucial for maintaining the current upward trajectory. A breach below $70,000 could signal a deeper pullback towards the $68,650 support zone.

BTC Price Chart, Source: TradingView

Meanwhile, market data reveals significant liquidations of leveraged trades, totaling over $361 million in the past 24 hours. Long positions bore the brunt of the liquidation, accounting for $258 million, while short sellers saw losses of approximately $103 million.

Notably, the daily chart RSI is at 77 which shows that it is in an overbought situation. And the trading volume is at $60 billion with a 6% decline.

This latest price action underscores the inherent volatility of the cryptocurrency market, with Bitcoin experiencing its largest long liquidation since March 5. Despite the temporary setback, investors remain optimistic about Bitcoin’s long-term prospects, fueled by growing institutional interest and mainstream adoption.