Bitcoin destroys $85M shorts as bull flag hits $100K BTC price target
Bitcoin (BTC) traded above $70,000 on May 21st after a sustained bid to boost the BTC price.
Bitcoin buys fuel above $69,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trying to hold back ground around key psychological levels.
Bitcoin surprised at the previous daily close, with a lot of buying liquidity repeatedly pushing the market towards $72,000.
By doing this, the largest cryptocurrency crushed short sellers, with $85 million in BTC shorts wiped out in just 24 hours at the time of writing, data from monitoring resource CoinGlass.
Commenting, statistician Willie Woo said the bulls are struggling with excess resistance in the area for a month or so.
“The 1 month Bitcoin short position build is now exhausted,” he told his followers on X.
“One more layer left to surpass all-time highs.”
One bold prediction sees the result even $100,000 after the break in weekly time limits.
Prominent trader Skew has suggested that US spot Bitcoin exchange-traded funds (ETFs) may have a hand in the move, predicting “important days to come” when a decision is made on US spot ether (ETH). ETFs
ETH/USD traded around $3,700 on the day, up 18% in 24 hours and 25% for the week.
Trader: “Conditions Are Not” For Continued BTC Price Gains
Updating followers while observing the new demand, a well-known trader and analyst with credibility in crypto, however, stuck to a conservative view.
Related: ETFs Buy 3X New BTC Supply — 5 Things to Know in Bitcoin This Week
BTC's price action, he said, was at “major resistance” and he probably had a failure to overcome it – at least for the time being.
“There is no change in the plan – after a month and a half we are positive with high premium and high resistance with high funding – I have made it clear that the conditions are not favorable to move to the next major leg up imo,” he wrote in part of the X discussion.
CoinGlass has shown a very thick bid liquid volume of $70,630 below the spot price as of this writing.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
