Bitcoin liquidates $85M shorts as bull flag triggers $100K BTC price target.
Bitcoin (BTC) was trading above $70,000 on May 21 after relentless bidding sent the BTC price soaring.
Bitcoin Buys Fuel March Above $69,000
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD is attempting to maintain its latest reclaiming ground around key psychological levels.
Bitcoin surprised the previous daily close, with repeated buying liquidity pushing the market higher to nearly $72,000.
In doing so, the largest cryptocurrency outperformed short sellers, with $85 million in BTC shorts wiped out in just 24 hours as of this writing, according to data from monitoring resource CoinGlass.
Commenting, statistician Willy Woo pointed out that the bulls have been dealing with overhead resistance for more than a month.
He told followers of
“We need to go one step further to have a short squeeze beyond all-time highs.”
One bold prediction saw $100,000 in results after a breakout was completed in the weekly period.
Prominent trader Skew suggested that the US spot Bitcoin exchange-traded fund (ETF) could have gotten in on the move, predicting “significant days ahead” ahead of the decision on US spot Ethereum (ETH). . ETF.
ETH/USD traded near $3,700 on the day, up 18% in 24 hours and 25% for the week.
Trader: “Not a condition” for sustained BTC price rise
Popular trader and commentator Credible Crypto kept his conservative outlook while updating his followers as he took note of new demand.
Related: ETF Buys 3X New BTC Supply — 5 Things to Know in Bitcoin This Week
He reiterated that BTC price action faces “big resistance” and is unlikely to overcome it, at least for the time being.
“There is no change in the plan. We are at a positive key resistance pressure in a month and a half and the highest funding since then. I have made it clear that this is not a condition in which a move to the top is conducive to the economy. The next major development is imo,” he wrote in part of the X discussion.
CoinGlass shows $70,630 as the area with the most liquidity bidding below the spot price as of this writing.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.
