{"id":615410,"date":"2024-06-11T21:00:48","date_gmt":"2024-06-11T21:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=615410"},"modified":"2024-06-12T09:27:33","modified_gmt":"2024-06-12T09:27:33","slug":"bitcoin-turns-weakness-strength","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-turns-weakness-strength\/","title":{"rendered":"Bitcoin Turns Weakness Into Strength: Analyst Identifies Major Liquidity Zone At $73,000"},"content":{"rendered":"

Crypto analyst Dippy has laid a bullish narrative for the <\/span>Bitcoin future trajectory<\/span><\/a>, suggesting that the flagship crypto could soon hit a <\/span>new all-time high (ATH)<\/span><\/a>. This comes despite <\/span>Bitcoin\u2019s recent drop below $68,000<\/span><\/a>.\u00a0\u00a0<\/span><\/p>\n

Bitcoin Could Experience A Massive Pump Above $73,000<\/h2>\n

Dippy suggested in an X (formerly Twitter) <\/span>post<\/span><\/a> that Bitcoin could enjoy a price pump once it reaches the <\/span>liquidity zone<\/span><\/a> around $73,000. He noted that many short traders have their stop losses or liquidation levels around that price level, which could be the catalyst for this price pump since <\/span>liquidations of short positions<\/span><\/a> can easily flush out the bears.<\/span><\/p>\n

Related Reading: Arbitrum DAO Agrees To Distribute $216 Million In Funding \u2013 Here\u2019s What You Should Know<\/a><\/div>\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n

The crypto analyst also outlined another scenario that could play out, which presents a bearish outlook for Bitcoin. He claimed that Bitcoin\u2019s surge to this liquidity zone could be a fakeout to take liquidity and then move down again. However, Bitcoin experiencing that pump once it hits $73,000 looks more likely, considering that <\/span>crypto analyst James Check<\/span><\/a> labeled the <\/span>$73,000 price level<\/span><\/a> as where Bitcoin could enter an escape velocity phase.<\/span><\/p>\n

Crypto analyst Adrian Zdu\u0144czyk<\/span><\/a> also suggested that Bitcoin would likely turn that $73,000 zone into support if it climbed to that level. He noted that Bitcoin has continued to consolidate inside its current ATH area for 14 weeks now, which is significant considering that this was an area where it had shown weakness before. Zdu\u0144czyk claims this is a \u201ctrend-promoting behavior\u201d as resistance becomes the new support, and Bitcoin will continue to go higher.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

Meanwhile, <\/span>crypto analyst Mikybull Crypto<\/span><\/a> suggested that Bitcoin\u2019s long-term consolidation in this range might be good, <\/span>stating<\/span><\/a> that the \u201clonger the consolidation, the higher it moves when it breaks out.\u201d He also remarked that Bitcoin\u2019s bullish divergence also indicates \u201cstrong strength\u201d for the flagship crypto. Mikybull Crypto expects Bitcoin to rise to $85,000 and then $110,000 when this long-awaited breakout happens.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

Crypto analyst Rekt Capital<\/span><\/a> also noted that it is only a matter of time before the breakout happens. He had previously stated that a successful breakout for Bitcoin above the $70,000 range would send it into the \u2018parabolic uptrend\u2019 phase of this <\/span>market cycle<\/span><\/a>.\u00a0<\/span><\/p>\n

Why BTC Dropped Below $68,000<\/h2>\n

Bitcoin dropped below $68,000<\/span><\/a> following the significant outflows the US <\/span>Spot Bitcoin ETFs<\/span><\/a> recorded on June 10. <\/span>Data<\/span><\/a> from Farside Investors shows these funds saw a cumulative total of $64.9 million in outflows, the first time these Spot Bitcoin ETFs recorded daily outflows since May 23.\u00a0\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts XRP Price Will Rally 50,000% To $250, Here\u2019s When<\/a><\/div>\n

Investors are believed to be waiting on the sidelines ahead of the <\/span>US Consumer Price Index (CPI)<\/span><\/a> inflation data and the <\/span>US Federal Reserve<\/span><\/a> interest rate decision on June 12. A lot of volatility is expected in the crypto market ahead of these events, which could determine the future trajectory of crypto assets.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price at $67,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto analyst Dippy has laid a bullish narrative for the Bitcoin future trajectory, suggesting that the flagship crypto could soon hit a new all-time high (ATH). This comes despite Bitcoin\u2019s recent drop below $68,000.\u00a0\u00a0 Bitcoin Could Experience A Massive Pump Above $73,000 Dippy suggested in an X (formerly Twitter) post that Bitcoin could enjoy a price pump once it reaches the liquidity zone around $73,000. He noted that many short traders have their stop losses or liquidation levels around that price level, which could be the catalyst for this price pump since liquidations of short positions can easily flush out the bears. Related Reading: Arbitrum DAO Agrees To Distribute $216 Million In Funding \u2013 Here\u2019s What You Should Know The crypto analyst also outlined another scenario that could play out, which presents a bearish outlook for Bitcoin. He claimed that Bitcoin\u2019s surge to this liquidity zone could be a fakeout to take liquidity and then move down again. However, Bitcoin experiencing that pump once it hits $73,000 looks more likely, considering that crypto analyst James Check labeled the $73,000 price level as where Bitcoin could enter an escape velocity phase. Crypto analyst Adrian Zdu\u0144czyk also suggested that Bitcoin would likely turn that $73,000 zone into support if it climbed to that level. He noted that Bitcoin has continued to consolidate inside its current ATH area for 14 weeks now, which is significant considering that this was an area where it had shown weakness before. Zdu\u0144czyk claims this is a \u201ctrend-promoting behavior\u201d as resistance becomes the new support, and Bitcoin will continue to go higher.\u00a0 Meanwhile, crypto analyst Mikybull Crypto suggested that Bitcoin\u2019s long-term consolidation in this range might be good, stating that the \u201clonger the consolidation, the higher it moves when it breaks out.\u201d He also remarked that Bitcoin\u2019s bullish divergence also indicates \u201cstrong strength\u201d for the flagship crypto. Mikybull Crypto expects Bitcoin to rise to $85,000 and then $110,000 when this long-awaited breakout happens.\u00a0 Crypto analyst Rekt Capital also noted that it is only a matter of time before the breakout happens. He had previously stated that a successful breakout for Bitcoin above the $70,000 range would send it into the \u2018parabolic uptrend\u2019 phase of this market cycle.\u00a0 Why BTC Dropped Below $68,000 Bitcoin dropped below $68,000 following the significant outflows the US Spot Bitcoin ETFs recorded on June 10. Data from Farside Investors shows these funds saw a cumulative total of $64.9 million in outflows, the first time these Spot Bitcoin ETFs recorded daily outflows since May 23.\u00a0\u00a0 Related Reading: Crypto Analyst Predicts XRP Price Will Rally 50,000% To $250, Here\u2019s When Investors are believed to be waiting on the sidelines ahead of the US Consumer Price Index (CPI) inflation data and the US Federal Reserve interest rate decision on June 12. A lot of volatility is expected in the crypto market ahead of these events, which could determine the future trajectory of crypto assets.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":616532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-615410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Turns Weakness Into Strength: Analyst Identifies Major Liquidity Zone At $73,000<\/title>\n<meta name=\"description\" content=\"Crypto analyst Dippy has laid a 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Turns Weakness Into Strength: Analyst Identifies Major Liquidity Zone At $73,000","url":"http:\/\/wncen.com\/news\/bitcoin-turns-weakness-strength\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-turns-weakness-strength\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin_f80cf1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin_f80cf1.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-06-11T21:00:48Z","datePublished":"2024-06-11T21:00:48Z","dateModified":"2024-06-12T09:27:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Turns Weakness Into Strength: Analyst Identifies Major Liquidity Zone At $73,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-turns-weakness-strength\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-turns-weakness-strength\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin_f80cf1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin_f80cf1.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-06-11T21:00:48Z\",\"datePublished\":\"2024-06-11T21:00:48Z\",\"dateModified\":\"2024-06-12T09:27:33Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin_f80cf1.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/615410"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=615410"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/615410\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/616532"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=615410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=615410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=615410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}