Just-In: Bitcoin Price Regains $70000, Memorial Day Rally In Play?

Bitcoin price has regained $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?

Bitcoin Price Surpasses $70,000

Bitcoin price surpassed $70,000 psychological level again, as suggested by CoinGape Media last week. If a Memorial Day rally is at play, it will bring a sudden upside in BTC price or else it will continue to consolidate considering the upcoming key events this week. Last year, BTC price saw massive volatility amid Memorial Day.

Bitcoin holds firm above key support level at $66K, but headwinds such as US PCE inflation data and crypto market expiry on May 31 could take positive sentiment away from the market.

Meanwhile, BTC price is experiencing a significant breakout in the lower timeframe. In the 1-hr timeframe, Bitcoin saw massive trading volumes as indicated through Bollinger bands. Moreover, the Bollinger bands indicator also shows that BTC price is now overbought after the sudden jump and is most likely to retrace for further upsurge.

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.

This may not be the largest liquidation, but several factors such as the House passed the FIT21 for crypto regulation and the anti-CBDC bill banning the Federal Reserve from issuing CBDC, spot Ether ETFs approval, and spot Bitcoin ETF buying after outflows in earlier weeks made the upside move critical.

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.

BTC price jumped over 3% in the past 24 hours, with the price currently trading near $70,442. The 24-hour low and high are $68,183 and $70,541, respectively. Furthermore, the trading volume has increased by 58% in the last 24 hours, indicating a massive rise in interest among traders.

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