Bitcoin (BTC) traded above $70,000 on May 21 after relentless bidding produced snap BTC price upside.
BTC/USD 1-hour chart. Source: TradingView Bitcoin buys fuel march past $69,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD attempting to hold its latest reclaimed ground around key psychological levels.
Bitcoin surprised into the previous daily close, with repeat lots of buy liquidity boosting the market to nearly $72,000.
Source: Credible Crypto
In doing so, the largest cryptocurrency crushed short sellers, with $85 million in BTC shorts alone wiped in the 24 hours to the time of writing, per data from monitoring resource CoinGlass.
Crypto liquidations (screenshot). Source: CoinGlass
Commenting, statistician Willy Woo noted that bulls were tackling overhead resistance in place for a month or more.
“1 month of Bitcoin short position build up just got liquidated,” he told followers on X (formerly Twitter).
“One more layer to go in order to short squeeze past all time highs.”
BTC/USDT liquidation heatmap for Binance. Source: Willy Woo/X
One bold prediction even saw $100,000 as the outcome after a breakout completed on weekly timeframes.
Source: alphaanalysis.io
Popular trader Skew suggested that the United States’ spot Bitcoin exchange-traded funds (ETFs) could have had a hand in the move, predicting “important days to come” in the run-up to the decision on the U.S. spot Ether (ETH) ETFs.
ETH/USD traded at near $3,700 on the day, up 18% in 24 hours and 25% over the week.
ETH/USD 1-day chart. Source: TradingView Trader: "Not the conditions" for sustained BTC price gains
Updating followers while eyeing the new demand, popular trader and commentator Credible Crypto nonetheless stuck to a conservative outlook.
Related: ETFs buy 3X new BTC supply — 5 Things to know in Bitcoin this week
BTC price action, he reiterated, was at “major resistance” and faced a likely failure to overcome it — at least for the time being.
“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 wrote in part of an X discussion.
CoinGlass showed $70,630 as the area of thickest bid liquidity below spot price at the time of writing.
BTC liquidation heatmap (screenshot). Source: CoinGlass
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
