$85M shorts in Bitcoin liquidated as bull flag ignites $100K BTC price objective

Bitcoin (BTC) surged above $70,000 on May 21 as strong buying pressure pushed the price higher. The cryptocurrency attempted to hold its newly reclaimed ground around key psychological levels. Bitcoin’s price even reached nearly $72,000 before the daily close. This surge in price resulted in the liquidation of $85 million in BTC shorts alone within 24 hours. Bulls were able to overcome overhead resistance 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 introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States may have contributed to this price movement. Meanwhile, Ethereum (ETH) also experienced significant gains, with its price trading near $3,700, up 18% in 24 hours and 25% over the week. Despite the bullish sentiment, some traders remain cautious and believe that Bitcoin’s price may face challenges in sustaining its gains. The article concludes by reminding readers that investing in cryptocurrencies carries risks, and individuals should conduct their own research before making any investment decisions.