Ethereum

Bitcoin

Bull Flag

Rise

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) soared above $70,000 on May 21, crushing short sellers.</li>
 <li>U.S. spot Bitcoin exchange-traded funds (ETFs) could have contributed to the surge.</li>
</ul>
<p>Bitcoin, the world’s largest cryptocurrency, experienced a significant surge on May 21st, with its trading price rocketing past $70,000. This unexpected increase came about due to persistent bidding, leading to a swift rise in the value of Bitcoin.</p>
<h2 id="bitcoin-s-surprising-rise">Bitcoin’s Surprising Rise</h2>
<p>The unexpected rally took many by surprise, as Bitcoin’s value was pushed close to $72,000. This sudden rise had a significant impact on short sellers, with data indicating that around $85 million worth of Bitcoin shorts were wiped out within 24 hours.</p>
<p>Statistician Willy Woo commented on the situation, noting that the bulls were challenging overhead resistance that had been in place for a month or more. He suggested that one more layer of resistance needed to be overcome to achieve an all-time high.</p>
<h2 id="predictions-and-influences">Predictions and Influences</h2>
<p>Some predictions even suggested a potential rise to $100,000 if a breakout was completed on weekly timeframes. There were also suggestions that the U.S. spot Bitcoin exchange-traded funds (ETFs) could have played a part in this dramatic surge.</p>
<p>On the same day, Ethereum (ETH) also saw a significant rise, trading at nearly $3,700, an increase of 18% in 24 hours and 25% over the week.</p>
<p>However, despite the surge in demand, some traders maintained a conservative outlook. Notably, a popular trader and commentator, Credible Crypto, stressed that Bitcoin was facing “major resistance” and was likely to struggle to overcome it, at least for the time being.</p>
<p>At the time of writing, the area of thickest bid liquidity below the spot price was shown to be $70,630 according to CoinGlass.</p>

Bitcoin Wipes Out $85M Shorts: Bull Flag Signals Surge to $100K Price Target

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