Bitcoin surged past $70,000 on May 21 following intense buying activity that spiked its price upwards.
Data from Cointelegraph Markets Pro and TradingView revealed that BTC/USD was striving to maintain its newly reclaimed position near critical psychological levels.
Bitcoin’s price spike toward $72,000 was unexpected, driven by significant buy liquidity.
This rapid increase dealt a heavy blow to short sellers, with $85 million in BTC shorts being liquidated in the past 24 hours, according to data from CoinGlass.
Statistician Willy Woo highlighted that bullish investors were confronting overhead resistance that had persisted for over a month.
“1 month of Bitcoin short position build up just got liquidated,” he shared with followers on X. “One more layer to go in order to short squeeze past all-time highs.”
A bold forecast even suggested that Bitcoin could reach $100,000 following a breakout on weekly timeframes.
READ MORE: Bitcoin Eyes New Highs as Analysts Spot Imminent Golden Cross on Lower Timeframes
Popular trader Skew speculated that the U.S. spot Bitcoin exchange-traded funds (ETFs) might have influenced the recent price movements, anticipating “important days to come” ahead of the decision on the U.S. spot.
Meanwhile, Ether (ETH/USD) traded near $3,700, marking an 18% rise in 24 hours and a 25% increase over the week.
Trader Credible Crypto maintained a cautious outlook despite the new demand, advising followers to be conservative.
He emphasized that Bitcoin’s price was facing “major resistance” and was likely to struggle to break through it for now.
“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 its 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 explained in an X discussion.
CoinGlass indicated that the thickest bid liquidity below the spot price was at $70,630 at the time of writing.
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