Bitcoin (BTC) surpassed the $70,000 mark on May 21 as a result of continuous bidding, leading to an increase in its price. BTC/USD tried to maintain its position around important psychological levels. Bitcoin surprised investors by reaching nearly $72,000 before the previous daily close. This caused short sellers to suffer losses, with $85 million in BTC shorts being wiped out in the span of 24 hours. Statistician Willy Woo noted that bulls were finally overcoming the resistance that had been in place for over a month. There was even a prediction that Bitcoin could reach $100,000 after completing a breakout on weekly timeframes. The launch of the United States’ spot Bitcoin exchange-traded funds (ETFs) was seen as a potential factor in the price increase. However, some traders remained cautious, noting that BTC price action was facing major resistance and might not be able to sustain its gains. At the time of writing, there was a significant amount of bid liquidity below the spot price of $70,630. This article does not provide investment advice and readers should conduct their own research before making any decisions.
$85M in short positions liquidated as bull flag signals $100K price target for Bitcoin.