Bitcoin

Momentum

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-surges-past-70000-mark" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Surges Past $70,000 Mark</a><br></p>
<p style="text-align: justify">In recent weeks, the cryptocurrency <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="external">market</a> has undergone a notable correction, resulting in a surge in global crypto market capitalization. This increase paralleled <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data</a> from the <a href="https://en.bitcoinhaber.net/bitcoin-takes-a-hit-as-opinions-diverge-on-recovery-potential" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> Liquidation Heatmap, highlighting a significant short-selling potential of $1.45 billion when Bitcoin (BTC) hit the critical $74,300 threshold.</p>
<h2 id="bitcoin-s-upward-momentum">Bitcoin’s Upward Momentum</h2>
<p style="text-align: justify">Bitcoin currently trades at $70,931.32, experiencing a 5.89% increase within the past 24 hours, accompanied by a trading volume of $43.7 billion. This swift price hike has created market tension, anticipating potential liquidations and price fluctuations. Despite the looming $1.45 billion short-selling threat at the $74,300 level, BTC recently broke its range, supported by stable inflows exceeding $237 million. The rapid price rise in Bitcoin led to substantial liquidations of short positions, resulting in over $345 million in crypto derivatives transactions.</p>
<p style="text-align: justify">This significant turnover indicates that Bitcoin bulls are in control, increasing the probability of reaching an all-time high. The Relative Strength Index (RSI) has crossed the 50 threshold to reach 68.90, suggesting a potential shift to an upward momentum. Consequently, breaking the $70,000 level has set the stage for a possible rise towards and beyond the previous all-time high.</p>
<h2 id="current-btc-data">Current BTC Data</h2>
<p style="text-align: justify">Following the last bearish candle on May 19, Bitcoin demonstrated a massive daily candle, rising by 6% to $70,920.36, maintaining the upward trend. Open positions on Bitcoin have increased by 5.47% in the last 24 hours, reaching $18.7 billion, with the RSI continuing its climb at 68.90.</p>
<p style="text-align: justify">Bitcoin, the leading cryptocurrency, now has a market value of $1.3 trillion. Analysts predict that, given current market dynamics and bullish indicators, Bitcoin may continue its upward trajectory. If BTC reaches the $74,300 level, it could face significant liquidations, potentially triggering a substantial short squeeze that may drive the price even higher.</p>
<h2 id="key-insights-for-traders">Key Insights for Traders</h2>
<ul>
 <li>BTC’s rise above $70,000 heightens the possibility of reaching a new all-time high (ATH).</li>
 <li>The RSI level at 68.90 hints at sustained upward momentum.</li>
 <li>A short squeeze at the $74,300 threshold could drastically push BTC prices higher.</li>
 <li>Open positions in Bitcoin have increased, indicating heightened market activity and interest.</li>
</ul>
<p style="text-align: justify">In summary, Bitcoin’s recent performance exhibits a strong bullish trend, supported by key technical indicators and market dynamics. Investors should closely monitor the $74,300 level for potential market-moving events.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-surges-past-70000-mark" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Surges Past $70,000 Mark</a></h5>

Bitcoin Surges Past $70,000 Mark

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