Bitcoin (BTC) recently surged to over $65,000, achieving a daily high of $66,482. This momentum marks the first time since September 27th that BTC has crossed above the $66,000 threshold. Maintaining price action beyond $66,000 is crucial for confirming a continued uptrend.
According to Santiment, a blockchain analysis firm, the recent liquidation of short positions has been a significant driver for this bullish rally. As short traders were forced to buy back into the market, it appears to have propelled BTC prices upward.
Now, with BTC’s price hovering at this critical resistance zone, market speculation is intense about whether the cryptocurrency can push forward to the next significant milestone of $70,000. These developments have sparked optimism within the crypto community.
