- The price of Bitcoin has risen 10% in seven days, surpassing the $67,000 threshold on Friday.
- Over $120 million in total liquidations recorded across the entire crypto market.
- $2.1 billion in Bitcoin and Ethereum options expire today.
- A stable close above $67,000 would indicate a change in market structure
Bitcoin (BTC) price is trading with a bullish bias, breaking a key level despite the incipient weekend mode. The measure involved the liquidation of million-dollar positions.
Also read: Bitcoin Weekly Forecast: Is BTC Out of the Woods?
Daily Summary Market Engine: Bitcoin Raids Above $67,000 Range Along with Millions in Liquidations
bitcoin price It is trading with a bullish bias, with gains of up to 10% in the last seven days. In the last 24 hours, it has risen by 2.2%, which is no mean feat even for the king of cryptocurrencies. With altcoins following the same signals, the global crypto market capitalization has increased by 2.8% to $2.43 trillion.
With the increase, more than $120 million in total positions have been liquidated across the market. This is made up of $83 million in short positions and almost $40 million in long positions.
Total settlements
Meanwhile, up to $2.1 billion in Bitcoin and Ethereum options expire today. Specifically, 18,000 BTC options will expire at a call ratio of 0.63. The maximum critical point is at $63,000 with a face value of $1.2 billion.
For the layman, a significant number of cryptocurrency derivatives contracts reached their expiration date on the same day. These options contracts give the holder the right, but not the obligation, to buy or sell a specific amount of Bitcoin or Ethereum at a predetermined price at a future date.
The expiration of such a large number of options contracts can sometimes lead to increased volatility in the cryptocurrency market. This occurs when traders close their positions or adjust their strategies based on expiring contracts. It can also affect the overall sentiment and direction of the market in the short term.
Technical Analysis: Bitcoin Price Tries to Change Market Structure Above $67,000
Bitcoin price has broken above the $67,000 level after a series of highs in the one-day period. After a sequence of lower highs between April 8 and May 9, BTC has surpassed the critical threshold of $65,500. If you confirm a candlestick closing above the $67,000 level would validate a change in the market structure.
Typically, a change in market structure is characterized by changes in price behavior, trading volume, volatility, and other market dynamics. This change may be indicative of a transition from one phase to another in terms of market sentimentbehavior of investors and activities of market participants.
For BTC, it means a change from a range market to a trending market. Note the sustained higher lows of the Relative Strength Index (RSI), which show that buyer momentum continues to increase.
The Awesome Oscillator (AO) moving into positive territory with green histogram bars reinforces this. A green AO indicates that the market's most recent momentum is bullish. When it rises into positive territory, it suggests that bullish momentum is strengthening.
A stable close above $67,206 on the one-day time frame would set the pace for a continuation of the rise towards the psychological level of $70,000. In a highly bullish case, BTC could turn this threshold into a support floor and use it as a starting point to target the all-time high of $73,777.
BTC/USDT 1-day chart
On the other hand, a rejection from the $67,000 area could cause Bitcoin price to retreat below the $65,500 level. Further down, a key level to watch would be the $63,354 support level. If not sustained, late bulls could trap BTC around the $56,000 area, 16% below current levels.
