Bitcoin Price Exceeds $70,000: Is It Coming to a New Record?

Bitcoin The price broke through the $70,000 level again in a move similar to the Memorial Day rally. Trading volumes supported by heavy buying by spot and derivative traders during American hours caused the price to make a clear breakout on the short-term charts. This upward momentum could be the catalyst for a new $75,000 record.

Mobility in Bitcoin Price

BTC, which experienced great volatility during Memorial Day last year, may show a similar trend this year. The price is holding firm above the critical $66,000 support level. However, factors such as US PCE inflation data and crypto market expiration on May 31 may negatively impact the positive sentiment in the market.

Mobility is increasing in bitcoin price

Short-Term Breakups and Liquidations

BTC is experiencing a significant breakout on short-term charts. Bollinger bands show that the BTC price is in the overbought zone after the sudden bounce, indicating that the price will likely pull back to rise further. Short positions worth $23 million were liquidated in the last 24 hours, and these liquidations further strengthened the upward movement.

On-Chain Analysis

Analysis by CryptoQuant shows the price metrics performed by new and old whales. The price realized by the new whales has become an important reference point for Bitcoin in the short term. The price realized by the old whales constantly serves as an important support level for Bitcoin.

BTC price is up over 3% in the last 24 hours and is currently trading at around $70,442. Trading volume has also increased by 58% in the last 24 hours, indicating a huge increase in interest among traders. This raises hopes that the price can reach new records.

Writer Hasan Hüseyin Lif about :

He is a ‘sociologist’ interested in politics, economy and migration. My interest in blockchain technology first led me to KoinFinans. I have been preparing articles about the industry, especially cryptocurrency news, for about three years.

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