June 4, 2024
Bitcoin Liquidates $85M Shorts as Bitcoin Price Today is $71,302
Bitcoin price today

Bitcoin Liquidates $85M Shorts as Bitcoin Price Today is $71,302

Tuesday, May 21, 2024: Bitcoin Price Today is $71,302, traded above $70K after relentless bidding produced a significant price upside. Data from TradingView showed BTC/USD attempting to hold its newly reclaimed ground around key psychological levels. The largest cryptocurrency made a surprising move into the previous daily close, with repeated lots of buy liquidity boosting the market to nearly $72,000.

BTC/USD 1-hour chart. Source: TradingView

Impact on Short Sellers and Market Dynamics

In doing so, Bitcoin crushed short sellers, with $85 million in BTC shorts wiped out in the 24 hours up to the time of writing, according to data from monitoring resource CoinGlass.

Crypto liquidations (screenshot). Source: CoinGlass

Statistician Willy Woo noted that bulls were tackling overhead resistance that had been in place for a month or more. He commented, “1 month of Bitcoin short position build up just got liquidated,” informing his followers on X.

“One more layer to go in order to short squeeze past all time highs.”

BTC/USDT liquidation heatmap for Binance. Source: Willy Woo

One bold prediction suggested that $100,000 could be the outcome after a breakout completed on weekly timeframes. Popular trader Skew hinted that the United States’ spot Bitcoin exchange-traded funds (ETFs) might have influenced the move, predicting “important days to come” in the run-up to the decision on the U.S. spot Ether (ETH) ETFs.

Source: alphaanalysis.io

Market Sentiment and Future Outlook

ETH/USD traded at nearly $3,700 on the day, up 18% in 24 hours and 25% over the week. Updating his followers while observing the new demand, popular trader and commentator Credible Crypto maintained a conservative outlook. He reiterated that Bitcoin price action was at “major resistance” and likely to fail to overcome it, at least for the time being.

“No change to the plan- we are at major resistance atm with perp premium positive after a month and a half and funding the highest it’s been since- I clearly said these are not the conditions in which a move to the highs is conducive to the next major leg up imo,” he wrote in part of an X discussion.

BTC liquidation heatmap (screenshot). Source: CoinGlass

CoinGlass showed $70,630 as the area of thickest bid liquidity below the spot price at the time of writing. This indicates a strong support level for Bitcoin as it navigates through the current market conditions.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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