Bitcoin has smashed past the $72,000 mark, nearing its all-time highs, leading to over $265 million in liquidations, primarily from short positions. Analysts suggest a new bull market may be starting.
Massive Liquidations Hint at Bullish Sentiment
According to Coinglass, the rally resulted in $265 million in liquidated positions, with the bulk occurring on platforms like Binance, OKX, and HTX. Bitcoin is just shy of its all-time high with traders like Dave the Wave noting Bitcoin's breakout from an ascending triangle around $69,000 as a strong bullish indicator.
Technical Patterns Signal More Growth
Rekt Capital, a well-known crypto analyst, believes Bitcoin’s breakout from a bull flag could take BTC even higher. For this breakout to be fully confirmed, Bitcoin needs to stay above $69,000.
China’s Potential Economic Stimulus: A Bullish Catalyst?
Shortly after Bitcoin’s price spike, reports of a $1.4 trillion stimulus from China surfaced. This could create risk-on sentiment across markets, including crypto.
Bitcoin recently reached a new peak at $72,245. Its future largely hinges on macroeconomic factors and institutional behavior.
