đ $BTC Priceâs $107K Push Sparks $845M Liquidations â ATH or Crash Next? đš
With Bitcoin (BTC) price approaching its all-time high of $110,000, the choppy price action has liquidated $845 million in just two days.
Spot ETF flows and institutional accumulation show investors are optimistic about BTCâs future and that an ATH retest is possible.
However, a closer look at technicals suggests traders must exercise caution in the short term.
The May 18 and 19 price action saw BTC price climb to $106.6k, drop to $102k, and revisit a four-month high of $107.1k.
As a result of this whipsaw, the cryptocurrency market witnessed a liquidation of $845 million, according to CoinGlass data.
Despite this culling, the Open Interest (OI) remained high at around 199.72k BTC. A look at the OI growth relative to Bitcoinâs price since the second quarter shows how bullish traders are.
Another driver of Bitcoinâs recent push to $107k is the âunexpectedly bullish turn in US trade diplomacy,â adds trading firm QCP Capital.
Providing their insight into cryptoâs short-term future, QCP Capital noted that the rebound in cryptos has âoutpaced equities, with BTC edging close to all-time highs.â
The trading firm adds, âthere is further room for digital assets to rally,â and attributes Coinbaseâs inclusion into the S&P 500 on May 19 as a catalyst.
Filings show MetaPlanet and MicroStrategy accumulated 1,004 and 7,390 BTCs, respectively, last week. This is another catalyst that helped push Bitcoin to $107k.
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