Bitcoin's recent surge past $70,000, liquidating $85M in shorts, has the crypto market buzzing. 🚀 This unexpected rise, reaching nearly $72,000, has traders predicting a potential climb to $100,000.

Speculation around the U.S. SEC's approval of Ethereum ETFs has also played a part in Bitcoin's price movements. The potential approval has increased market optimism, driving prices even higher. Bloomberg analysts have upped the probability of a spot Ethereum ETF approval to 75%, fueling the market rally. 📈

As traders anticipate Ethereum ETFs approval, Bitcoin has also benefited from this positive sentiment. Over $260M in shorts have been liquidated, with Ethereum shorts accounting for over $115M and Bitcoin shorts just over $99M.

Despite bullish momentum, some analysts caution that current conditions may not support a long-term move higher. Major resistance levels and high funding rates are potential obstacles. But, if the U.S. SEC approves the Ethereum ETFs, it could boost market confidence, potentially pushing Bitcoin and other cryptocurrencies to new heights. 🌙

In short, Bitcoin's price surge and the liquidation of $85M in shorts have sparked excitement in the crypto market. The speculation around Ethereum ETFs approval has further fueled this rally. The future might be uncertain, but the potential for significant gains is on the horizon. Stay tuned!