Key Points
- Bitcoin has broken through the $68,500 resistance level, with indications that it may reach $72,000.
- Bitcoin’s open interest has risen by 5.5%, signaling increased interest from investors and traders.
Bitcoin, the world’s largest digital asset, has surpassed its significant resistance level of $68,500. This has sparked speculation that the cryptocurrency could soon reach the $72,000 mark.
Bitcoin’s Breakthrough
Following this key level breakout, Bitcoin’s open interest (OI) saw a 5.5% increase, as reported by on-chain analytic firm CoinGlass. This rise in OI suggests a growing interest in the cryptocurrency from investors and traders.
At the time of reporting, Bitcoin was trading near the $69,320 mark, marking a price surge of over 2.45% in the last 24 hours. This breakout has also resulted in the liquidation of approximately $7.36 million worth of Bitcoin short positions within an hour.
Bitcoin’s Future Predictions
Technical analysis suggests a bullish trend for Bitcoin on a daily time frame, with the potential to hit the $72,000 mark as its next resistance level. Despite previous failed attempts to breach this mark, the current market sentiment indicates that Bitcoin could easily surpass this resistance.
Long-term crypto investors and experts also share a bullish outlook on Bitcoin. For instance, one investor recently suggested that Bitcoin’s first target is the $85,000 level. Furthermore, Michael Saylor, founder and chairman of MicroStrategy, predicted that by 2045, Bitcoin could reach a base price of $13 million.
These expert predictions are attracting considerable attention from the crypto community and drawing new investors to the market.
