Bitcoin Skyrockets to Nearly $72,000, Trading Volume Swells To Over $51 billion

Bitcoin is on fire. After the spike yesterday, BTC traders are now targeting $74,000 and fresh all-time highs in the near term

Dalmas Ngetich•Tuesday, May 21, 2024•1 min read

Bitcoin is taking off. Looking at the daily chart, the coin broke above the local resistance of last weekend and spiked to nearly $72,000. The uptick is welcomed, setting the coin back in alignment with the impressive gains of Q1 2024. At this pace, traders can search for entries to load on dips, expecting bulls to thrust the coin toward all-time highs or even $100,000.

The upswing of May 20 now means bitcoin is back in green territory in the past day and week. At press time, Bitcoin is up 6% in the previous 24 hours and 15% in the last week. Traders expect prices to extend today. As expected, rallying prices have seen participation rise. On the last day, engagement pushed trading volume above $51 billion.

Buyers are confident, looking at events on the last day. With price action positive, Bitcoin traders should watch for the following news:

Researchers now claim that should BTC remain above $67,500, it will likely fly to fresh all-time highs. Since prices are firm, Coinglass data shows that over $300 million of leveraged short positions have been liquidated, further pumping the leg up.
Yesterday, the nine spot Bitcoin ETFs bought 3,077 BTC worth over $207 million. Impressively, even Grayscale bought coins on behalf of their clients. Over the past months, GBTC has been unloading BTC, heaping selling pressure on the world’s most valuable coin.

Bitcoin Price Analysis

BTC/USD is within a bullish breakout formation.

Following the gains of May 20, the upswing of May 15 has been validated.

Yesterday’s bull war was wide-ranging and had a decent trading volume, suggesting interest from traders. At the same time, it comprehensively broke above $68,000.

Accordingly, traders can find entries on dips targeting all-time highs and $75,000 in the coming session.