Bitcoin regained on Monday the level above the psychological threshold of $70,000 and tested values not seen since March.

This increase came as a surprise to traders, especially to the skeptics. As a result, positions worth tens of millions were wiped out.

Bitcoin test card $70,000, liquidates more than $70 million short positions

The rise above $70,000 was short-lived. The largest coin stood at $69,743 at the time of writing, after reaching an intra-day high of $70,283 on the Binance exchange.

The increase was sudden and caused $71 million in short liquidations, while nearly $4 million in other positions were also liquidated. In total, liquidations in the past hour amounted to $75 million.

According to data from Coinglass, 85,506 traders were liquidated in the last 24 hours, with a total value of $324.83 million in liquidations.

The breakout above $70,000 led to more bullishness among Bitcoin traders, as the Weighted Volume Profile Pivot Points (WVPPP) indicator showed a strong bullish signal above the psychological level of $70,000.

On the above 4H BTC/USDT chart with the WVPPP indicator, it can be seen that the WVPPP bars quickly become thinner above $70,000. The buy side has a dominance of 70–80% around the current level at $70,283, but participation quickly decreases above $70,500.

The range of $70,500 to $71,500 is a zone with low volume and therefore little resistance. Sellers are primarily found around the high at $71,961. Rapid movements in both directions are possible in this 'thin air'.