Crypto: Bitcoin Bears 'annihilated' As Analysis Sees $65k Support Test Next

Bitcoin liquidity analysis described bulls as in control after the trip to $74,000, but a support retest could take BTC price action almost $10,000 lower.

Bitcoin (BTC) has “annihilated” short sellers with its latest trip to monthly highs as crypto liquidations pass $500 million.

Bitcoin bears suffer as BTC price action hits $74,000.

Analysis sees more liquidations to come, including longs, with possible market dips below $70,000 to test support.

Bitcoin inflows begin to copy a broad ETF rebound in place through 2026.

New analysis from CryptoReviewing, the pseudonymous cofounder of trading community Wealth Capital, says that the “entire market scenario” for Bitcoin has changed.

The past few days have seen BTC price swings take out both long and short positions worth hundreds of millions of dollars, but the trip to $74,000 ultimately cost bears more.

“Bears just got annihilated,” CryptoReviewing summarized.

Accompanying exchange order-book data from monitoring resource CoinGlass shows price slicing through walls of liquidations.

Wednesday’s liquidation total for Bitcoin and altcoins neared $600 million, with more shorts erased than on any day since Feb. 25.

Source: CoinTelegraph