Bitcoin Price Surpasses $70,000: Is a New Record Coming?
The Bitcoin price has once again surpassed the $70,000 mark, similar to the Memorial Day rally. Supported by heavy buying from spot and derivatives traders during American trading hours, the trading volumes led to a clear breakout on the short-term charts. This upward momentum could act as a catalyst for a new record of $75,000.

Bitcoin Price Volatility
During last year’s Memorial Day, BTC experienced significant volatility, and it might show a similar trend this year. The price is holding firmly above the critical support level of $66,000. However, factors such as the US PCE inflation data and the expiration of crypto market futures on May 31 could negatively impact the positive market sentiment.

Short-Term Breakouts and Liquidations
BTC is experiencing a significant breakout on the short-term charts. The Bollinger Bands indicate that the BTC price is in an overbought zone following the sudden spike, suggesting a likely pullback before further increases. In the last 24 hours, $23 million worth of short positions have been liquidated, further strengthening the upward movement.
On-Chain Analyses
Analyses by CryptoQuant reveal price metrics driven by both new and old whales. The realized price by new whales has become an important reference point for Bitcoin in the short term. Meanwhile, the realized price by old whales consistently serves as a significant support level for Bitcoin.

The BTC price has increased by over 3% in the last 24 hours and is currently trading at approximately $70,442. Trading volume has also surged by 58% in the past 24 hours, indicating significant interest among traders. This situation raises hopes that the price could reach new record highs.
Note: This is not investment advice.
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