On May 21, Bitcoin crossed the $70,000 mark. This resulted in the liquidation of shorts for an impressive amount of $85 million. This rapid rise raises questions within the crypto community: can Bitcoin (BTC) reach $100,000?
Meteorological rise in Bitcoin: $70,000 exceeded and more than $85 million in shorts liquidated
Bitcoin has recently triggered a wave of liquidations of short positions. The data shows more than $85 million worth of shorts sold in the space of 24 hours. This bullish dynamic has propelled the price of Bitcoin (BTC) beyond $70,000. A movement that surprised many crypto traders!
According to crypto experts, several factors could explain the recent Bitcoin price surge. L'Growing interest in spot Bitcoin ETF in US is at the top of the list. In one of his tweets, popular trader Skew suggests that growing demand for Bitcoin ETFs could continue to propel BTC prices. Add to this the behavior of Bitcoin in recent days compared to other major cryptoassets. We mainly refer to Ethereum (ETH) which also shows a significant price increase.
Bitcoin (BTC) at $100,000? Mixed reviews!
Despite the optimism, some crypto analysts remain cautious about the sustainability of Bitcoin's current uptrend. Credible Crypto warns, for example, that BTC is currently at a “major resistance”. He might not succeed in crossing it sustainably for the moment.
For its part, CoinGlass reported that the main buying liquidity zone is at $70,630 (i.e. just below the current Bitcoin price). This situation could limit the upside potential in the short term.
Only time will tell if Bitcoin will manage to reach new all-time highs.
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