$85M in short positions liquidated as bullish flag pattern ignites $100K price target for Bitcoin

Bitcoin (BTC) surpassed the $70,000 mark on May 21 after intense bidding led to a rapid increase in its price. BTC/USD was seen attempting to hold its recently reclaimed ground around key psychological levels. Bitcoin unexpectedly surged to nearly $72,000 at the previous daily close due to substantial buy liquidity. This surge resulted in significant losses for short sellers, with $85 million in BTC shorts alone being wiped out in the 24-hour period. The statistician Willy Woo commented that bulls were successfully overcoming resistance levels that had been in place for a month or more. Some experts even predicted that Bitcoin could reach $100,000 after completing a breakout on weekly timeframes. The launch of the United States’ spot Bitcoin exchange-traded funds (ETFs) was also believed to have played a role in the price movement. Meanwhile, Ethereum (ETH) traded at around $3,700, experiencing an 18% increase in 24 hours and a 25% increase over the week. Despite the new demand, popular trader Credible Crypto remained cautious, stating that BTC was facing major resistance and was unlikely to overcome it in the near future. He emphasized that the current conditions were not conducive to a significant price increase. At the time of writing, there was significant bid liquidity below the spot price, with $70,630 being the area with the highest bid liquidity. It’s important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.