- Bitcoin price surpassed $70,000 psychological level amid massive trading volume.
- Bitcoin recorded $23 million in short liquidations in the last 24 hours, with $11 million happening in just an hour.
- Can Bitcoin make a new all-time high of $75,000?
Bitcoin price breaks $70,000: Is a new all-time high on the horizon?
Bitcoin Price Surpasses $70,000
Bitcoin price has regained the $70,000 level as bulls likely triggered a Memorial Day rally similar to that of last year. BTC price saw massive buying from spot and derivatives traders in American hours backed by strong trading volumes, leading to a breakout clearly visible in lower time frames. Will this upside momentum become a catalyst for a new all-time high of $75,000?
BTC Shorts Liquidated
BTC recorded $23 million in short liquidations in the last 24 hours, with $11 million happening in just an hour, as per Coinglass data. The largest single liquidation order happened on crypto exchange OKX as someone swapped BTCUSDT valued at $2.07 million.
On-Chain Insights
CryptoQuant verified on-chain analyst shared a chart depicting the realized price metric for both new and old whale cohorts, reflecting the proportion of Bitcoin supply in profit. He indicated that the realized price of new whales has become a key reference point for Bitcoin in the short term.
Also, the realized price of old whales has consistently acted as a significant support level for Bitcoin throughout market cycles. Contrarily, the realized price of new whales acts as a crucial support, similar to the recent bullish trend towards the all-time high (ATH) of $74K.
Conclusion
Bitcoin’s recent surge past the $70,000 mark has reignited discussions about its potential to reach new all-time highs. With significant liquidations and strong on-chain metrics supporting the bullish trend, the market sentiment remains optimistic. However, traders should remain cautious of potential headwinds such as macroeconomic factors and regulatory developments that could impact the market. As always, staying informed and vigilant is key in navigating the volatile crypto landscape.
