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Bitcoin

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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) traded above $70,000 on May 21 after relentless bidding produced snap BTC price upside.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/794e632f-d034-4a85-a7fa-0bcc9bc83651.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-buys-fuel-march-past-69-000">Bitcoin buys fuel march past $69,000</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed BTC/USD attempting to hold its latest reclaimed ground around key psychological levels.
<a href="https://cointelegraph.com/news/bitcoin-price-hits-70k-as-spot-and-btc-etf-buying-surges"></a><a href="https://cointelegraph.com/news/bitcoin-price-hits-70k-as-spot-and-btc-etf-buying-surges">Bitcoin surprised into the previous daily close</a>, with repeat lots of buy liquidity boosting the market to nearly $72,000.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/2e3c405c-0ed6-4d8a-9670-0297cc83c5cb.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: Credible Crypto
 </figcaption>
</figure>
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 <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">CoinGlass</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/f5e99c4d-981b-4a96-bf27-b5934464371d.png" alt="" title="">
 <figcaption style="text-align: center;">
 Crypto liquidations (screenshot). Source: CoinGlass
 </figcaption>
</figure>
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. 
<blockquote data-ct-non-breakable="true">
 “One more layer to go in order to short squeeze past all time highs.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/78a283ca-9502-4cdc-bd91-752bb0528e52.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT liquidation heatmap for Binance. Source: <a href="https://x.com/woonomic/status/1792708692292608206/photo/1" target="_blank" rel="noopener nofollow">Willy Woo</a>
 </figcaption>
</figure>
One bold prediction even saw $100,000 as the outcome after a breakout completed on weekly timeframes.&nbsp;
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/73e88d37-fedf-43fb-b032-5470327cfa6d.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: alphaanalysis.io
 </figcaption>
</figure>
Popular trader Skew <a href="https://x.com/52kskew/status/1792643737979371882" target="_blank" rel="noopener nofollow">suggested</a> 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 <a href="https://cointelegraph.com/news/ethereum-price-soars-on-spot-etf-rumor-how-are-eth-options-markets-positioned">run-up to the decision</a> on the U.S. spot Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) ETFs.
ETH/USD traded at near $3,700 on the day, up 18% in 24 hours and 25% over the week.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/03431d48-0dcc-496f-ab25-07d646d5890f.png" alt="" title="">
 <figcaption style="text-align: center;">
 ETH/USD 1-day chart. Source: TradingView
 </figcaption>
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<h2 data-ct-non-breakable="true" id="trader-not-the-conditions-for-sustained-btc-price-gains">Trader: “Not the conditions” for sustained BTC price gains</h2>
Updating followers while eyeing the new demand, popular trader and commentator Credible Crypto nonetheless stuck to a conservative outlook.
Related: <a href="https://cointelegraph.com/news/etfs-buy-3x-new-btc-supply-5-things-bitcoin-this-week">ETFs buy 3X new BTC supply — 5 Things to know in Bitcoin this week</a>
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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/3590364d-64cc-4e00-8790-42bfc220343d.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
 </figcaption>
</figure>
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.

Bitcoin liquidates $85M shorts as bull flag sparks $100K BTC price target

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