#Binance Bitcoin Pumps Above $70K as Crypto Rally Resumes; Analyst Sets Price Target $83K Gains are broad, with $SOL and $AVAX up more than 10% over the last 24 hours.

#Bitcoin reached the $70,000 level after a gap of 10 days. The rally did not trigger mass short-term liquidations, suggesting not many market participants were using leverage to bet on price declines. Bitcoin could reach $83,000 after breaking out of its consolidation pattern, says 10x Research.

The cryptocurrency started the week with a strong rally, bouncing back from recent losses as #Bitcoin‬ (BTC) once again traded above its 2021 peak.

#bitcoin (BTC) surged past $70,000 on Monday during US trading hours, surpassing that level for the first time in 10 days and gaining more than 7% over the past 24 hours. Ethereum's ether ($ETH ) rose 6% in the same period, while tokens for major layer-1 blockchains #Solana (SOL) and Avalanche (AVAX) rose more than 10%.

The rally extended to nearly all digital assets, with all broad-market CoinDesk 20 Index (CD20) constituents in the green and the index up 6.1% for the day. The sudden resurgence liquidated $195 million of leveraged derivatives positions across all crypto assets, about $129 million of which were short positions seeking to profit from lower prices, according to CoinGlass data.

Bitcoin short liquidations reached $53 million, less than the average daily figure in the recent period. The relatively small number of short-term liquidations despite the price surge suggests not many market participants are using leverage to bet on continued weakness.