Published on mei 21, 2024, 7:39 am
Image source: Fox News
```json [ { "TLDR": "Bitcoin surged above $70,000, causing pain for short sellers. The rally faces doubts about sustainability. Market saw strong buying pressure and potential breakthrough to $100,000 predicted. Ethereum also gained significantly. Mixed sentiments exist on whether Bitcoin will break out or face obstacles." } ] ```
Bitcoin’s recent surge above $70,000 has left short sellers in agony as the relentless upward momentum of the BTC price continues. Despite this, there are lingering doubts about how sustainable this rally is in the long run.
The cryptocurrency market saw Bitcoin trading above $70,000 on May 21st, with data reflecting strong buying pressure and attempts to consolidate its position around key psychological levels. The digital asset surged to nearly $72,000 as a result of significant buy orders, liquidating $85 million in BTC shorts within a 24-hour period.
Renowned statistician Willy Woo highlighted that bulls were challenging long-standing resistance levels that had been in place for over a month. There was a notable liquidation of one month’s worth of Bitcoin short positions as the market pushed upwards. Additionally, optimistic forecasts emerged, with some predicting a potential breakthrough to $100,000 based on weekly timeframes.
Market analysts pointed towards the role of the United States’ spot Bitcoin exchange-traded funds (ETFs) influencing the market dynamics. The anticipation surrounding the decision on U.S. spot Ether (ETH) ETFs added to the speculation about future price movements.
While Bitcoin showcased impressive performance, Ethereum (ETH) also experienced significant gains during this period. ETH/USD traded near $3,700 with an 18% increase within 24 hours and a 25% rise over the week.
Despite the bullish sentiment prevailing in the market, traders like Credible Crypto maintained a cautious outlook, emphasizing that Bitcoin was facing substantial resistance levels that might hinder further upward movement temporarily.
As discussions regarding market conditions unfolded online, sentiments varied regarding whether Bitcoin was poised for a major breakout or could face hurdles given current circumstances. The bid liquidity remained robust around $70,630 at that specific time—a crucial area indicating strong support levels for buyers.
It’s important to note that this article does not serve as financial advice or recommendations for investment decisions. Investing and trading always involve inherent risks; therefore, readers are advised to conduct thorough research before making any financial commitments related to cryptocurrencies or any other assets.
Original article posted by Fox News
