- Following the breakout of the $68,500 level, there is a strong possibility that Bitcoin will hit the $72,000 level next.
- Bitcoin’s open interest (OI) increased by 5.5%, signaling growing interest from investors and traders.
The overall cryptocurrency market sentiment appeared bullish on 27th July, and the world’s biggest digital asset Bitcoin [BTC] has breached its strong resistance level of $68,500.
Breakout for Bitcoin
Following this breakout of crucial level, BTC’s open interest (OI) jumped by 5.5%, according to an on-chain analytic firm CoinGlass.
Apart from the rise in OI, BTC was trading near the $69,320 mark at press time and has experienced a price surge of over 2.45% in the last 24 hours, according to CoinMarketCap data.
Additionally, this breakout has liquidated a notable $7.36 million worth of BTC short positions in just one hour.
Whereas, the total liquidation in the last 24 hours increased to $27.82 million, with $22.04 million of liquidations coming from short positions and $5.78 million from long positions.
Source: CoinGlass
This data by CoinGlass potentially indicates that short sellers are now exhausted.
Bitcoin technical analysis and key levels
According to expert technical analysis, BTC looks bullish on a daily time frame and may hit the $72,000 mark, which is its next hurdle or we can say the upcoming resistance.
Looking at the current market sentiment and bullishness in the crypto market, BTC can easily breach this resistance level.
Source: TradingView
Despite this bullishness, BTC has tried five times since March 2024 to breach the $72,000 mark but failed each time, as per the price action and historical data.
If this time, BTC breaches this level and gives a daily candle closing above the $72,000 mark then we may see a bullish momentum till $74,000 or even more.
Experts’ BTC prediction
However, experts and investors are also looking more bullish on BTC. On 26th July, a long-term crypto investor made a post on X (previously Twitter) that BTC’s first target is $85,000 level.
Additionally, he also shared a bullish descending broadening wedge price action pattern.
In addition to this above prediction, on 27th July, MicroStrategy’s founder and chairman Michael Saylor also made a post on X and shared Bitcoin’s 21-year price prediction.
Read Bitcoin’s [BTC] Price Prediction 2024-25
According to Saylor, by 2045 BTC could hit $13 million as a base price, with bears predicting BTC at $3 million and bulls predicting BTC at $49 million.
These predictions by industry experts are gaining massive attention from the crypto community and attracting new investors to the market.