Rally

Jerome Powell

Chair

Bitcoin

Trillion

Bitcoin further extended its rally on Friday as bulls got stronger against bears, with BTC price rising over $67,000. The market value of Bitcoin climbed over $1.32 trillion amid a renewed positive sentiment in the crypto industry after cooling <a href="https://coingape.com/bitcoin-remains-steady-us-cooling-cpi-inflation-data-what-next/" target="_blank" rel="noopener noreferrer nofollow">CPI</a> inflation and Fed Chair <a href="https://coingape.com/jerome-powell-speech-today-fed-chair-slightly-hawkish-after-inflation-data-bitcoin-jitters/" target="_blank" rel="noopener noreferrer nofollow">Jerome Powell</a> denied stagflation and other related concerns. Is further upside possible or another leg down next?
US stock market indexes rose after traders embraced that slowing inflationary pressures restored the possibility of a September rate cut, while strong corporate earnings further boosted confidence.
<h2 id="bitcoin-price-soars-over-67-000">Bitcoin Price Soars Over $67,000</h2>
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> jumps 3% to over $67,000, with a weekly run of more than 10%. The 24-hour low and high are $64,613 and $67,459, respectively. Moreover, the upsurge coming in comparatively low trading volumes indicates whales and big investors turned bullish on Bitcoin, along with the liquidation of high-leveraged positions.
CoinGlass data indicates more than $130 million were liquidated across the crypto market in the last 24 hours. Bitcoin saw nearly $45 million in liquidation, with $31 million in short positions liquidated. Most of the liquidation happened in the last few hours.
Over 42K traders were liquidated and the largest single liquidation order happened on crypto exchange BitMEX as someone executed a trade of XBTUSD valued at $4.80 million.
<img decoding="async" class="aligncenter wp-image-197501" src="https://coingape.com/wp-content/uploads/2024/05/screenshot-www.coinglass.com-2024.05.17-22_27_13.jpg" alt="" width="794" height="228" srcset="https://coingape.com/wp-content/uploads/2024/05/screenshot-www.coinglass.com-2024.05.17-22_27_13.jpg 1873w, https://coingape.com/wp-content/uploads/2024/05/screenshot-www.coinglass.com-2024.05.17-22_27_13-300x86.jpg 300w, https://coingape.com/wp-content/uploads/2024/05/screenshot-www.coinglass.com-2024.05.17-22_27_13-1224x352.jpg 1224w, https://coingape.com/wp-content/uploads/2024/05/screenshot-www.coinglass.com-2024.05.17-22_27_13-768x221.jpg 768w, https://coingape.com/wp-content/uploads/2024/05/screenshot-www.coinglass.com-2024.05.17-22_27_13-1536x441.jpg 1536w, https://coingape.com/wp-content/uploads/2024/05/screenshot-www.coinglass.com-2024.05.17-22_27_13-150x43.jpg 150w" sizes="(max-width: 794px) 100vw, 794px">
CryptoQuant founder <a href="https://coingape.com/bitcoin-news-on-chain-data-signals-potential-end-bull-cycle-this-month/" target="_blank" rel="noopener noreferrer nofollow">Ki Young Ju</a> said Bitcoin is the middle of a bull cycle. On-chain data Growth Rate Difference signifies the bull cycle should end by April next year.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is in the middle of the bull cycle.
 Its market cap is growing faster than its realized cap, a trend that typically lasts around two years.
 If this pattern continues, the bull cycle might end by April 2025. <a href="https://t.co/o4k8B1Rkhv" rel="noopener noreferrer nofollow">pic.twitter.com/o4k8B1Rkhv</a>
 — Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1791424394444869878?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 17, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Also Read: <a href="https://coingape.com/china-to-drive-next-rally-in-bitcoin-gold-prices-heres-how/" target="_blank" rel="noopener noreferrer nofollow">China To Drive Next Rally in Bitcoin, Gold Prices, Here’s How?</a>
<h2 id="will-bitcoin-rally-continue">Will Bitcoin Rally Continue?</h2>
Popular analyst Rekt Capital revealed that Bitcoin price is now out of post-halving “danger zone”. He predicted BTC price to start rallying toward $150,000.
Bitcoin options traders made more calls for a strike price as high as 70,000, with some even having calls for $80,000 for May 31 monthly expiry.
Furthermore, Santiment data indicates the sentiment has shifted toward Bitcoin after the sudden jump over $66,000. Chainlink also joined Bitcoin to witness bullish sentiment, with traders anticipating a further rally in the next coming weeks.
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GNyvEvpaMAAnprE?format=jpg&amp;name=4096x4096" alt="Image" width="790" height="544">
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The post <a href="https://coingape.com/bitcoin-price-reaches-67000-at-1-32-trillion-market-cap/" rel="noopener noreferrer nofollow">Bitcoin Price Reaches $67000 Clinching $1.32 Trillion Market Cap, What’s Next?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price Reaches $67000 Clinching $1.32 Trillion Market Cap, What’s Next?

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