- After breaking the $68,500 level, there is a good chance that Bitcoin will reach the $72,000 level next.
- Bitcoin’s open interest (OI) rose 5.5%, indicating growing interest from investors and traders.
Overall market sentiment for cryptocurrency seemed bullish on July 27, with the world’s largest digital asset Bitcoin [BTC] has broken through its strong resistance level at $68,500.
Breakout for Bitcoin
After this breakthrough to a crucial level, BTC’s open interest (OI) rose by 5.5%, according to an analysis firm CoinGlass.
Apart from the increase in OI, BTC was trading around $69,320 at the time of writing and has experienced a price increase of over 2.45% in the last 24 hours, according to data from CoinMarketCap.
Furthermore, this breakout liquidated a remarkable $7.36 million worth of BTC short positions in just one hour.
While total liquidations in the last 24 hours have risen 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 from CoinGlass may indicate that short sellers are now exhausted.
Bitcoin technical analysis and key levels
According to expert technical analysis, BTC is looking bullish on a daily basis and it might reach the $72,000 mark which is the next hurdle or we can say the upcoming resistance.
Looking at the current market sentiment and bullishness in the crypto market, BTC can easily break this resistance level.
Source: TradingView
Despite this bullishness, BTC has attempted to cross the $72,000 mark five times since March 2024, but failed each time, as evidenced by the price action and historical data.
If BTC breaches this level this time and closes a daily candle above $72,000, we could see bullish momentum up to $74,000 or even more.
BTC prediction from experts
However, experts and investors are also more optimistic about BTC. On July 26, a long run crypto investor posted on X (formerly Twitter) that BTC’s first target is the $85,000 level.
Moreover, he also shared a bullish declining widening wedge price action pattern.
In addition to this prediction above, Michael Saylor, founder and chairman of MicroStrategy, also posted on X on July 27 and shared Bitcoin’s 21-year price prediction.
Read Bitcoin’s [BTC] Price forecast 2024-25
According to Saylor, BTC could reach $13 million as a base price by 2045, with bears predicting BTC at $3 million and bulls predicting BTC at $49 million.
These predictions from industry experts are gaining massive attention from the crypto community and attracting new investors to the market.