Bitcoin Cools Off: Here’s Why BTC Will Fly Even Higher If $74,500 Is Broken

Bitcoin unexpectedly slowed down on May 21. Nonetheless, the uptrend remains, and every low could technically offer better entries for optimistic buyers. The bullish breakout remains valid since prices are trading above the $66,000 and $68,000 levels. How prices react today will shape the short to medium-term. Any upswing above $72,000 will be especially crucial.

Bitcoin is down 2% in the past 24 hours. However, the gains over the previous week are more pronounced, up an impressive 13%. As it is, every low should offer entries for buyers. This, in turn, could spark more demand, allowing traders to flow back. In the past day, over $40 billion worth of BTC was generated across major exchanges.

Bitcoin daily chart for May 22

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewASIC, BaFin, CMA, CySEC, DFSA, FCA, SCBUSD 200Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker >>

The following Bitcoin news events are worth watching:

  • Even with BTC easing past $70,000 and clearing immediate liquidation levels, one analyst is upbeat. Taking to X, Willy Woo, a respected on-chain analyst, said the current Bull Run is halfway in. By this estimation, a close above all-time highs will open the floodgate, allowing buyers to drive the coin to new levels.
  • The rally has seen Bitcoin shorts liquidated. Since every leverage short liquidated creates a short squeeze, it might be a positive drive for BTC. If BTC breaks $74,500, over $1.4 billion worth of shorts risk being forcefully closed.

Bitcoin Price Analysis

The path of least resistance remains northward.

Though the BTC/USD price pulled back on May 21, traders might look for entries to buy the dip.

This preview is only valid as long as prices are trending above $66,000 and last week’s high of $68,000.

A close above the local resistance at $72,000 could fast-track the spike to over $74,000 and fresh new all-time highs.

Conversely, if BTC bears flow back, forcing prices below $66,000, it might deflate the current FOMO, slowing down the uptrend.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
Related Articles