Bitcoin’s upward momentum is inflicting pain on bears, but doubts remain as to whether the rally in Bitcoin prices can be sustained for much longer.
On May 21, relentless bidding led to a massive BTC price increase, with Bitcoin (BTC) trading above $70,000.
Bitcoin Buys Fuel to Break $69,000
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD attempting to hold onto its latest reclaimed ground around a key psychological level.
Bitcoin closed the previous session with a surprising rise, as a massive amount of buying liquidity pushed the market price up to nearly $72,000.
In the process, the largest cryptocurrency crushed short sellers, with $85 million wiped out from BTC shorts alone in the 24 hours to the time of writing, according to monitoring resource CoinGlass.
Statistician Willy Woo commented that bulls are dealing with overhead resistance for a month or more.
“1 month of accumulated short position in Bitcoin just got liquidated,” he told followers on X (formerly Twitter).
“To break through the all-time highs, another layer is needed.”
One bold prediction even sees the outcome as $100,000 after a breakout is completed on the weekly timeframe.
Popular trader Skew said a U.S. spot bitcoin exchange-traded fund (ETF) could take part in the move, predicting “big days ahead” for the U.S. spot ether ETF before it decides.
ETH/USD traded around $3,700 on the day, up 18% in 24 hours and 25% in a week.
Trader: “Not conditions for sustained Bitcoin price growth”
Despite updating followers on the new demand, popular trader and commentator Credible Crypto is sticking to a conservative outlook.
He reiterated that Bitcoin price action is at “major resistance” and may not be able to overcome it — at least for now.
“No change in plan — a month and a half later, we are trading at major resistance, perpetual premiums are positive, funding is at its highest level since — and I made it clear that price increases under these conditions were not conducive to what would, in my opinion, be the next big move,” he wrote in a portion of the X discussion.
As of this writing, CoinGlass shows $70,630 as the area of maximum bid liquidity below the spot price.
