Bitcoin just had a crazy move yesterday 💥
#BTC surged nearly 8%, making many traders believe the bullish trend was finally back.
But the move also triggered a massive short squeeze:
• $1.37B+ in short positions liquidated
• One whale reportedly lost around $48.8M 🐋
Now Bitcoin is sitting right around the MA200 on the 1D chart, making this a very important level to watch.
But there’s something even more important here. 👀
Bitcoin is also testing a major descending trendline resistance that connects the $97K → $82K → $69K rejection areas.
📍 $97K — major high on January 14, 2026
📍 $82K — major rejection zone, On May 6th
📍 $69K–$70K — current trendline test
So $BTC is now at a major decision point.
🟢 Bullish Scenario
If BTC breaks the $70.7K–$71K zone with strong volume and sustains above the descending trendline, the breakout becomes much more interesting.
➡️ First target: $72K–$74K
➡️ If $74K holds strongly → $76K
➡️ Sustaining above $76K → $80K–$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.
🔴 Bearish Scenario
If sellers defend the $69K–$70K trendline and BTC fails to reclaim $70.7K–$71K, we could see another rejection.
If price loses the MA200 / $68.5K area:
➡️ First targets: $66K–$65K
➡️ Deeper weakness → $63K–$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:
• $1.37B+ in short positions liquidated
• One whale reportedly lost around $48.8M 🐋
Now Bitcoin is sitting right around the MA200 on the 1D chart, making this a very important level to watch.
But there’s something even more important here. 👀
Bitcoin is also testing a major descending trendline resistance that connects the $97K → $82K → $69K rejection areas.
📍 $97K — major high on January 14, 2026
📍 $82K — major rejection zone, On May 6th
📍 $69K–$70K — current trendline test
So $BTC is now at a major decision point.
🟢 Bullish Scenario
If BTC breaks the $70.7K–$71K zone with strong volume and sustains above the descending trendline, the breakout becomes much more interesting.
➡️ First target: $72K–$74K
➡️ If $74K holds strongly → $76K
➡️ Sustaining above $76K → $80K–$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.
🔴 Bearish Scenario
If sellers defend the $69K–$70K trendline and BTC fails to reclaim $70.7K–$71K, we could see another rejection.
If price loses the MA200 / $68.5K area:
➡️ First targets: $66K–$65K
➡️ Deeper weakness → $63K–$62K
That could bring Bitcoin back into the broader consolidation range.