Bitcoin just had a crazy move yesterday š„
#BTC surged nearly 8%, making many traders believe the bullish trend was finally back.
But the move also triggered a massive short squeeze:
ā¢ $1.37B+ in short positions liquidated
ā¢ One whale reportedly lost around $48.8M š
Now Bitcoin is sitting right around the MA200 on the 1D chart, making this a very important level to watch.
But thereās something even more important here. š
Bitcoin is also testing a major descending trendline resistance that connects the $97K ā $82K ā $69K rejection areas.
š $97K ā major high on January 14, 2026
š $82K ā major rejection zone, On May 6th
š $69Kā$70K ā current trendline test
So $BTC is now at a major decision point.
š¢ Bullish Scenario
If BTC breaks the $70.7Kā$71K zone with strong volume and sustains above the descending trendline, the breakout becomes much more interesting.
ā”ļø First target: $72Kā$74K
ā”ļø If $74K holds strongly ā $76K
ā”ļø Sustaining above $76K ā $80Kā$82K
A clean breakout above this long-term trendline would be a major technical development and could signal that Bitcoin is finally breaking out of the larger bearish structure.
š“ Bearish Scenario
If sellers defend the $69Kā$70K trendline and BTC fails to reclaim $70.7Kā$71K, we could see another rejection.
If price loses the MA200 / $68.5K area:
ā”ļø First targets: $66Kā$65K
ā”ļø Deeper weakness ā $63Kā$62K
That could bring Bitcoin back into the broader consolidation range.
#BTC surged nearly 8%, making many traders believe the bullish trend was finally back.
But the move also triggered a massive short squeeze:
ā¢ $1.37B+ in short positions liquidated
ā¢ One whale reportedly lost around $48.8M š
Now Bitcoin is sitting right around the MA200 on the 1D chart, making this a very important level to watch.
But thereās something even more important here. š
Bitcoin is also testing a major descending trendline resistance that connects the $97K ā $82K ā $69K rejection areas.
š $97K ā major high on January 14, 2026
š $82K ā major rejection zone, On May 6th
š $69Kā$70K ā current trendline test
So $BTC is now at a major decision point.
š¢ Bullish Scenario
If BTC breaks the $70.7Kā$71K zone with strong volume and sustains above the descending trendline, the breakout becomes much more interesting.
ā”ļø First target: $72Kā$74K
ā”ļø If $74K holds strongly ā $76K
ā”ļø Sustaining above $76K ā $80Kā$82K
A clean breakout above this long-term trendline would be a major technical development and could signal that Bitcoin is finally breaking out of the larger bearish structure.
š“ Bearish Scenario
If sellers defend the $69Kā$70K trendline and BTC fails to reclaim $70.7Kā$71K, we could see another rejection.
If price loses the MA200 / $68.5K area:
ā”ļø First targets: $66Kā$65K
ā”ļø Deeper weakness ā $63Kā$62K
That could bring Bitcoin back into the broader consolidation range.