Bitcoin has surged past the $70,000 mark, driven by robust buying from spot and derivatives traders in the U.S. during Memorial Day. This rally, echoing last year’s, sees BTC breaking out in lower time frames with significant trading volumes.
Historical milestones include BTC’s resilience above the key support level of $66K amidst potential headwinds like US PCE inflation data and crypto market expiry on May 31.
A standout feature is the massive liquidation of BTC shorts, totaling $23 million in 24 hours, highlighting critical upside moves influenced by recent regulatory developments and ETF approvals.
On-chain insights reveal that the realized price metrics for new and old whale cohorts are pivotal, with new whales setting short-term references and old whales providing consistent support.
BTC’s price recently jumped over 3%, trading near $70,442, with a 58% rise in trading volume, underscoring growing trader interest. This momentum could be a catalyst for a new all-time high of $75,000, emphasizing Bitcoin’s strategic long-term potential.
