Bitcoin Surges to $70K as Analyst Sees Room to Push Toward $73.600

Bitcoin is pressing ahead with its sudden recovery. The price is trading around $69.760, up more than 8.5% in 24 hours. According to crypto analyst Michaël van de Poppe, BTC is breaking out of its previous trading range, and the next major resistance could lie around $73.600.

Bitcoin breaks out and shorts are wiped out

The price surge comes shortly after Bitcoin reclaimed the $66.000 level. BTC is now approaching $70.000 again. Over the past seven days, Bitcoin is up roughly 9.4%.

The rapid move has serious consequences for leveraged traders. According to the market data provided, around $2.74 billion in crypto shorts were liquidated in 24 hours. That would make it the largest short liquidation on record for the crypto market.

Sentiment is also turning at breakneck speed. The Crypto Fear & Greed Index has jumped from 46 to 62, putting it firmly in Greed territory. A day earlier, sentiment was still almost neutral.

Van de Poppe eyes $73.600

Van de Poppe sees the breakout as a sign that the odds are increasing that the bear market bottom is already behind us. In his view, Bitcoin is now moving back into an upward trend.

For the short term, he is mainly watching for minor corrections within that rising trend. On the upside, he names $73.600 as the next level where Bitcoin could temporarily stall.

The chart also shows a much higher resistance zone around $82.000 to $82.850, but for that BTC first needs to break convincingly through the zone around $73.600.

Bitcoin currently has a market cap of around $1.4 trillion and a daily trading volume of more than $51.5 billion. After the explosive rally, the immediate focus is now on $70.000. A convincing break above that level would bring Van de Poppe’s $73.600 target ever closer.