Türkçe
Español
Bitcoin managed to trade above $70,000 on May 21 after continuous bids suddenly pushed its price up. Data from TradingView showed that the BTC/USD pair was trying to maintain its recently gained ground at key psychological levels. Bitcoin surprised in the previous daily close as repeated buying liquidity pushed the market to around $72,000.
Bitcoin Impresses
As the largest cryptocurrency rose, data from blockchain analytics platform CoinGlass showed that short sellers were crushed with $85 million worth of Bitcoin short positions being liquidated in the past 24 hours.
Commenting statistician Willy Woo noted that bulls had been struggling with overall resistance for a month or longer. Willy Woo commented on X:
“A month-long accumulation of Bitcoin short positions has just been liquidated. One more step is needed to briefly squeeze all-time highs.”
A bold prediction saw the result as $100,000 following a breakout on weekly timeframes. Popular trader Skew suggested that US spot Bitcoin exchange-traded funds might have a hand in this move, forecasting significant days ahead before the decision on US spot Ethereum ETF funds. The ETH/USD pair traded around $3,700, with an 18% increase in 24 hours and a 25% rise over the week.
What Awaits Bitcoin?
Updating his followers while tracking new demand, popular trader and commentator Credible Crypto maintained a calm perspective. The renowned figure reiterated that Bitcoin’s price action faced significant resistance and was currently failing to overcome it, sharing the following statements:
“No change in plan, we are facing significant resistance with a positive premium after a month and a half, and funding is at its highest since then, clearly indicating that these are not favorable conditions for a move to the highs.”
CoinGlass showed $70,630 as the most intense bid liquidity area below the spot price at the time of writing.
