Bitcoin surged above $70,000 on May 21 after intense buying pressure triggered a sharp price increase.
Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD was striving to maintain its newly regained ground at crucial psychological levels.
Bitcoin’s ascent towards the previous daily close was driven by significant buying liquidity, pushing the market close to $72,000.
This surge dealt a heavy blow to short sellers, with $85 million in BTC shorts liquidated in the 24 hours leading up to the report, according to data from CoinGlass.
Statistician Willy Woo commented on the situation, highlighting that bulls were confronting overhead resistance that had persisted for over a month.
“1 month of Bitcoin short position build up just got liquidated,” he told followers on X. “One more layer to go in order to short squeeze past all-time highs.”
A bold prediction even suggested that Bitcoin could reach $100,000 following a breakout on weekly timeframes.
Popular trader Skew speculated that the United States’ spot Bitcoin exchange-traded funds (ETFs) might have influenced the move, anticipating “important days to come” ahead of the decision on U.S. spot Ether ETFs.
On the same day, ETH/USD traded near $3,700, up 18% in 24 hours and 25% over the week.
Despite the surge in demand, popular trader and commentator Credible Crypto maintained a cautious outlook.
He emphasized that BTC price action was at “major resistance” and was unlikely to overcome it in the near term.
“No change to the plan – we are at major resistance atm with perp premium positive after a month and a half and funding the highest it’s been since – I clearly said these are not the conditions in which a move to the highs is conducive to the next major leg up imo,” he wrote in part of an X discussion.
CoinGlass indicated that $70,630 was the area with the thickest bid liquidity below the spot price at the time of writing.
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