$BTC Bitcoin’s surge above $70k sparked exchange inflows

Bitcoin's price surge drove both high spot buying and selling volumes on exchanges, reflecting a market split between profit-taking and bullish accumulation.

Bitcoin's price dipped below $60,000 in early May, triggering market-wide volatility. Yet, by mid-May, BTC had rebounded to around $66,000, fueled chiefly by spot market activity. On May 20, a dramatic price spike pushed Bitcoin past $70,000, stirring optimism and causing a notable uptick in exchange inflows. Transfer volumes fluctuated wildly, reflecting the community's trading frenzy. But what actions did the biggest Bitcoin holders take during this turbulent period? As large investors moved strategically, they...

Glover anticipated there might be some volatility before reaching new record highs.

“I would guess we see some profit taking in the market, which will push BTC prices down from the $71,000 level in the coming days as well,” Glover said.

Despite the positive shift in market sentiment, crypto traders are bracing for a slight dip in Bitcoin’s price before it continues its upward trend, according to CoinGlass liquidation data.

Even a slight 1% spike to approximately $71,000 would wipe around $766.73 million in short position liquidations. On the flip side, a 1% drop to about $69,400 would clear $101.54 million in long positions.