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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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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On May 22, Bitcoin aimed to turn the $69,000 mark into a support level, causing concern among analysts as prices pulled back from local highs.
Data from Cointelegraph Markets Pro and TradingView revealed weakening Bitcoin price action, resulting in two tests of the previous all-time highs from 2021.
At the time of writing, Bitcoin remained above $69,000, a crucial threshold for many.
“Support at $69k needs to hold to have a chance to validate an R/S flip at the prior ATH,” stated trading resource Material Indicators on X.
This referred to a potential resistance/support flip at $69,000.
However, Material Indicators also warned that one of its proprietary trading tools was signaling a “clear” downtrend on daily timeframes, adding, “For me, a move above $71.5k would invalidate.”
Other analysts shared similar concerns about the increasing risk of rejection, potentially thwarting Bitcoin bulls’ efforts to overcome resistance.
John Bollinger, creator of the Bollinger Bands volatility indicator, expressed his apprehensions, noting, “I am not fond of the two-bar reversal at the upper Bollinger Band for $btcusd. Suggests a consol or a pullback. Not bearish here, just short-term concerned.”
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As previously reported by Cointelegraph, some traders, including Credible Crypto, had already predicted a broader Bitcoin price retracement.
“Credible Crypto has been one of the most vocal advocates for a return towards $60,000 or lower, with a recent chart on X indicating likely support below the starting point of an “impulsive move.”
The week’s decision on United States spot Ether exchange-traded funds (ETFs) was also pivotal for Bitcoin targets, according to Filbfilb, co-founder of trading suite DecenTrader.
Updating X followers, Filbfilb suggested that an ETF rejection by regulators would only reset the market to its position before the recent impulse.
He concluded, “If ETH ETF is rejected then simply reset to where we were last week.” Conversely, a positive ETF decision could propel Bitcoin into price discovery and potentially reach $80,000.
On May 21, ETH/BTC reached its highest levels since mid-March.
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On Tuesday, May 21, BlackRock‘s spot Bitcoin exchange-traded fund (ETF) dominated the market, accounting for 95% of the total inflows into United States spot Bitcoin ETFs. Together, these ETFs saw over $300 million in net inflows.
Preliminary data from Farside Investors revealed that BlackRock’s iShares Bitcoin Trust (IBIT) experienced substantial inflows of $290 million on May 21. The combined net inflow for all eleven ETF issuers was $305.7 million.
This marks the highest inflow for BlackRock’s ETF since April 5, breaking a six-week streak of negligible inflows.
The recent figure surpasses the total inflows for the previous 21 trading days combined.
In total, spot Bitcoin ETFs have attracted more than $1 billion over the last four trading days amid a volatile Bitcoin rally.
With these latest numbers, BlackRock’s fund has reached $16 billion in total inflows since its inception, according to Farside Investors.
Nonetheless, the official product website lists the assets under management (AUM) at $19 billion.
This brings BlackRock’s IBIT close to the industry leader, Grayscale, which reports $20 billion in AUM for its Grayscale Bitcoin Trust (GBTC) ETF.
On May 21, GBTC recorded zero outflows, marking five consecutive days without a net outflow.
Over the past five days, it has seen inflows totaling $72.5 million, ending a four-month streak of steady outflows.
READ MORE: Global Bitcoin ATM Numbers Decline for the First Time Since July 2023
However, not all ETFs fared well on Tuesday.
The VanEck Bitcoin Trust ETF experienced outflows of $5.9 million, while the Bitwise Bitcoin ETF saw $4.2 million in outflows.
Conversely, the Fidelity Wise Origin Bitcoin Fund had minor inflows of $25.8 million, while the others remained unchanged.
The surge in Bitcoin ETF inflows has been fueled by a recent rise in BTC prices, which climbed 12% over the past week.
On May 21, BTC hit a six-week high of $71,600 but dropped below $70,000 in early Asian trading on May 22. At the time of writing, it was priced at $69,444.
Additionally, speculation that the U.S. Securities and Exchange Commission might approve spot Ether ETFs has lifted crypto markets since May 20.
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The Venezuelan government has joined the ranks of countries that have opposed crypto mining due to its significant electricity consumption.
A local news outlet reports that Venezuela’s Ministry of Electric Power plans to disconnect cryptocurrency mining farms from the national grid.
This initiative aims to regulate excessive energy use and ensure a stable power supply for the population.
An X post from Venezuela’s National Association of Cryptocurrencies confirmed that crypto mining is now prohibited in Venezuela.
This development follows a recent crackdown in which authorities confiscated 2,000 cryptocurrency mining devices in Maracay as part of an anti-corruption effort.
The ministry highlighted the necessity of providing efficient and reliable electrical service across Venezuela by reducing the strain from high-energy-consuming mining farms.
Officials argue that these measures are crucial to stabilizing the national power supply, which has been inconsistent for the past decade.
Venezuela has faced recurring blackouts, especially since 2019, severely affecting residents’ daily lives and the broader economy.
Cryptocurrency mining’s heavy electricity demands have prompted other countries, such as China and Kazakhstan, to enforce strict regulations or bans on the practice.
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The Venezuelan government’s action against cryptocurrency mining is part of a broader anti-corruption campaign, which has resulted in the arrest of several top officials.
Joselit Ramírez, the former head of the National Superintendency of Cryptoassets, is a central figure in these corruption allegations.
Rafael Lacava, the governor of Carabobo state, has emphasized the importance of public cooperation in identifying illegal mining operations, urging citizens to report any illicit activities.
This is not Venezuela’s first measure against crypto mining.
In March 2023, the country’s energy supplier shut down crypto mining facilities nationwide as part of corruption investigations involving the state oil company.
At that time, Venezuela’s attorney general, Tarek William Saab, revealed that government officials were allegedly conducting parallel oil operations with the help of the national crypto department.
In 2023, eight major cryptocurrency mining operators in Kazakhstan sent an open letter to President Kassym-Jomart Tokayev, complaining about high energy prices for crypto miners.
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Bitcoin hovered around $67,000 on May 19, with spot price liquidity strengthening as the week came to a close.
Data from Cointelegraph Markets Pro and TradingView indicated that bulls maintained the week’s upward trend, pushing month-to-date gains above 10%.
Popular trader Daan Crypto Trades identified $72,000 as the significant resistance zone.
“Price did take out a big cluster around 67.4K but there’s still some big levels at ~$68K. ~$72K onwards is where most liquidity lies atm,” he shared on X, along with a CoinGlass chart.
He noted, “Below, most has been cleared with the recent downtrend, first noteworthy level would be the ~$60K region.”
Closer to the spot price, liquidity was concentrated around $66,500 and $67,800.
Daan Crypto Trades also emphasized the importance of Bitcoin’s 100-day moving average (MA) as a long-term support level.
“This will be a good indicator going forward to gauge mid/high timeframe momentum,” he commented.
“Trader and analyst Rekt Capital offered an optimistic perspective, suggesting that only a 1% BTC price increase was needed to usher in a new bull market phase. “
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BTC only needs to drop an additional -1% to perform the post Bull Flag breakout retest attempt in an effort to secure trend continuation to the upside,” he explained while analyzing daily timeframes.
In contrast, trader and commentator Credible Crypto offered a more cautious view on recent BTC price action.
An X post on May 17 suggested that the upside was nearly exhausted and that BTC/USD might retest $60,000 or lower.
“At this point, I think we will, at minimum, tag the 59-60k region,” he warned, sharing a chart.
“The blue zone at 62-63k is still an area of interest that may offer some temporary relief, but ultimately I think it will give way.”
Credible Crypto further noted that altcoins would likely experience sharper declines if Bitcoin dropped to the $59-60k range.
“A move down to 59-60k on $BTC is a 10% drop- on many alts their respective drops will be much more,” he concluded.
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For the first time since July 2023, the number of active Bitcoin ATMs worldwide has decreased.
The United States and Canada dominate the Bitcoin ATM landscape, accounting for 91.4% of the global network. The U.S. hosts 31,089 (82.6%) machines, while Canada has 2,909 (7.7%).
In 2024, countries worldwide significantly contributed to the month-on-month increase in Bitcoin ATMs, nearly reaching the 38,000 mark lost in January 2023.
However, the 10-month-long global growth streak ended when over 300 ATMs went offline in May 2024.
As of May 21, the U.S. market saw a loss of 302 Bitcoin ATMs, and Canada lost 28 machines.
Despite these losses, new Bitcoin ATMs in Australia, Switzerland, and Europe helped reduce the net decline to 280 machines at the time of publication.
Law enforcement agencies in the U.S. actively pursue and shut down Bitcoin ATMs frequently used for extortion and scams.
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However, the reasons behind the recent sharp decline in their numbers remain unclear.
Australia hosts the third-largest network of active Bitcoin ATMs after the U.S. and Canada, with 1,041 (2.8%) machines.
Bitcoin Depot, the largest ATM operator in the U.S., recorded steady earnings in 2024.
The firm stated in its 10-K annual report filed on April 15 that there was no correlation between its revenues and the price of Bitcoin historically.
“Based on our own user surveys, a majority of our users use our products and services for non-speculative purposes, including money transfers, international remittances, and online purchases, among others,” Bitcoin Depot wrote.
According to the ATM operator, the lack of correlation between Bitcoin Depot’s revenues and the BTC price is partly due to the nature of the services provided.
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Bitcoin reached all-time highs in various Asian and South American countries after a 7% surge, bringing it closer to its peak in U.S. dollars.
On May 21, Bitcoin’s price hit an intraday and six-week high of $71,650, up over 7% in 24 hours.
According to CoinGecko, Bitcoin is now just 3.4% below its March 14 all-time high of $73,738 in U.S. dollar terms.
However, Bitcoin reached new peaks against several other fiat currencies.
In Japan, Bitcoin hit an all-time high of 11.2 million yen on May 21, marking the first time it surpassed 11 million yen.
The yen has weakened against the U.S. dollar, losing 10% since January.
In Argentina, Bitcoin reached 63.8 million Argentine pesos on May 21, slightly higher than the March high. Argentina is grappling with inflation at 290% and currency devaluation.
Similarly, in the Philippines, Bitcoin briefly hit a record 4.18 million pesos on May 21, surpassing mid-March highs.
READ MORE: Bitcoin Eyes New Highs as Analysts Spot Imminent Golden Cross on Lower Timeframes
Other countries where Bitcoin prices have approached or surpassed their mid-March peaks include Britain, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan, and Turkey, as noted by industry observer Thomas Fahrer on X.
Crypto analyst Willy Woo noted that a month’s worth of Bitcoin short positions were liquidated. “One more layer to go in order to short-squeeze past all-time highs,” he added.
Coinglass reported that in the past 24 hours, 79,010 traders were liquidated, totaling $345 million in crypto liquidations, with 78.5% being short positions.
Markus Thielen, head of research at 10x Research, predicted earlier this week that a “breakthrough above $67,500 could potentially lead to new all-time highs.”
At the time of writing, Bitcoin is trading at $70,945, just $2,500 short of a new all-time high in U.S. dollars.
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Bitcoin maintained upward pressure on liquidity on May 17 as analysts noted a potential golden cross on lower timeframes.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action hovering near its highest levels since mid-April.
Liquidity at $67,000 and above continued to act as a barrier, with around $75 million at stake at the time of writing, according to monitoring resource CoinGlass.
Although still below its all-time highs of 2024 and 2021, Bitcoin sparked enthusiasm among market observers. Popular pseudonymous trader Moustache highlighted two significant trendlines.
“Golden Cross (12h-Chart) of $BTC is imminent,” he informed his followers in one of his recent posts on X (formerly Twitter).
A golden cross happens when a shorter-term moving average crosses above a longer-term one, with the last occurrence in October of the previous year — just before Bitcoin saw significant gains.
“The last bullish cross was over six months ago. Bitcoin has risen by over 170% since then,” Moustache noted.
Another trader, Titan of Crypto, suggested that the Ichimoku Cloud indicator might follow a similar trend.
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“BTC seems to be repeating the same pattern from early 2024,” a part of an X post on May 16 read, adding that BTC/USD saw an upside of more than 60% the last time Ichimoku requirements were met.
Titan of Crypto also pointed out a transfer of $60,000 from resistance to support.
As reported by Cointelegraph, this area includes various bull market trendlines, all converging in one place.
Among these are the short-term holder realized price and the 100-day moving average, the latter rising quickly and now above $62,000.
“BTC is perfectly flipping previous resistance into support,” Titan of Crypto summarized, sharing an Ichimoku chart.
Overall, Bitcoin’s current trajectory and technical indicators suggest a potentially bullish outlook, with significant levels being tested and possibly transformed into new support zones.
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On May 16, 2024, a majority of U.S. Senators approved a Congressional Review Act (CRA) to review the SEC’s Staff Accounting Bulletin No. 121 (SAB 121).
The Senate passed H.J.Res. 109 with a 60 to 38 vote, a rare bipartisan achievement. Notably, 51 of the votes came from Democrats.
Senator Cynthia Lummis highlighted this as a historic moment, marking the first time Congress passed standalone crypto legislation.
President Biden had previously threatened to veto any resolution overturning the SEC policy.
The White House stated its strong opposition to disrupting the SEC’s efforts to protect investors in crypto-asset markets and the broader financial system.
Despite the threat, historical data shows that around one-third of threatened vetoes are never executed, making the outcome uncertain.
The bipartisan support for the crypto bill was emphasized by Perianne Boring, CEO of the Digital Chamber, who noted that the controversy around SAB 121 led 21 Democratic Senators to break ranks.
Among the supportive Democrats was Senate Majority Leader Chuck Schumer. Boring suggested that Schumer’s support could prompt the White House to reconsider its stance, indicating a shift in Washington’s attitude towards crypto.
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The Biden administration faces pressure from beyond the political sphere as well.
The American Bankers Association has urged President Biden to sign H.J.Res. 109 to protect consumers, highlighting the banking sector’s interest in offering custody services for cryptocurrencies.
With broad support for H.J.Res. 109, the Biden administration must decide whether to veto the resolution, potentially causing internal conflict within the Democratic Party as elections approach.
Patrick Kirby of the Crypto Council for Innovation explained that Biden has 10 days to sign, veto, or allow the resolution to become law without his signature.
Alternatively, Biden could use a pocket veto if Congress is not in session.
Donald Trump’s pro-crypto stance further complicates Biden’s decision, as Trump could leverage this position in the upcoming election.
Kirby noted that if Biden vetoes H.J.Res. 109, Congress could attempt to override it with a two-thirds majority in both chambers.
A possible resolution could come from the SEC itself. Republican Wiley Nickel suggested that SEC Chair Gary Gensler could revoke SAB 121, removing the need for Biden’s veto.
SEC Commissioner Hester Pierce criticized SAB 121 at a Blockchain Summit, saying it hampers industry growth by requiring companies to record crypto assets as both assets and liabilities, contrary to conventional asset custody practices.
Pierce welcomed Congress’s involvement in crypto regulation, viewing it as a positive development for consumers and financial innovation.
As the SEC holds the power to resolve this issue, the next move is theirs.
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