"Bitcoin Surges Past $70,000, Liquidating $85 Million in Shorts

In a significant move, Bitcoin (BTC) has broken through the $70,000 barrier, causing a massive liquidation of short positions worth $85 million. This sudden upside strength has caught short sellers off guard, but some experts remain skeptical about the sustainability of the current price rally.

According to data from Cointelegraph Markets Pro and TradingView, the BTC/USD pair is attempting to consolidate its gains around key psychological levels. The cryptocurrency surprised investors with a sudden surge in the previous daily close, driven by repeated buying activity that pushed the market to nearly $72,000.

Statistician Willy Woo observed that bulls are now challenging overhead resistance levels that have been in place for over a month. This development has sparked hopes of a potential $100,000 price target for Bitcoin, although doubts linger about the longevity of the current uptrend.