Bitcoin (BTC) Surges To $72,000 Due To The Upcoming Halving Event – Triggers Spike In Liquidations

Following a notable resistance level hovering around $66,000 to $71,500 over the last three weeks, Bitcoin (BTC) breached the micro-falling logarithmic trend on Monday.

Bitcoin (BTC) surged over 4.2% in the last 24 hours, surpassing $72,400 during the mid-London session today. In addition, the global market cap exceeded $2.82 trillion, with the daily average trading volume increasing by approximately 50% to approximately $150 billion. 

Meanwhile, the most-awaited Bitcoin halving event is just 12 days away, prompting miners to gear up and align their rigs with the anticipated rise in mining difficulty. For instance, Bhutan’s investment arm, Druk Holdings & Investments, and Bitdeer Technologies Group revealed their intentions to boost the country’s mining capacity sixfold by early next year, reaching 600 megawatts. 

According to analysis data provided by CryptoQuant, the Bitcoin mining costs are expected to double from $40,000 to approximately $80,000 by the end of this month for all standard and latest miners, including S19 XP.

As Bitcoin (BTC) soared above the $72,000 level, Bitcoin’s short positions suffered the most from market volatility. As a result, Coinglass data indicates that there are over $47 million worth of Bitcoin short positions were liquidated in the last 24 hours. 

Looking at the wider crypto market, there have been over $152 million worth of liquidations over the past 24 hours. Among these liquidations, $107 million were short positions. 

Analysts from QCP Capital indicate several factors that show the possibility of further bullish trends for Bitcoin. At this stage, Bitcoin is aiming for $85,000. However, Bitcoin’s price must consistently close above $74,000 in the coming days to ensure bullish momentum. 

At press time, Bitcoin (BTC) is trading at $72,319.96, showing a 4.22% increase in the last 24 hours.