Related: Bitcoin 'looks exhausted' as next bear market yields $69K targetTotal market cap validates bull flagTOTAL — the combined market capitalization of all cryptocurrencies — confirmed a bull flag pattern on May 20, when it breached the upper boundary of the flag in the weekly timeframe at $3.27 trillion, coinciding with the 50 simple moving average (SMA). TOTAL is currently testing the resistance level at the $3.5 trillion psychological level, as shown in the chart below.
Source: CoinGlassThe largest single liquidation occurred on Bybit, where a BTC/USD position worth $6.36 million was liquidated. The magnitude of this liquidation mirrors the Nov.6 liquidation event, where more than $426 million in short leveraged positions were liquidated, accompanying a 16% increase ($356 billion) in the total crypto market capitalization on the same day.
Crypto prices buoyed by Bitcoin’s new all-time highsToday’s gains were led by Bitcoin (BTC), which broke through $111,000 for the first time on May 22, setting a fresh all-time high, as market sentiment continues to improve after last month's tariff-induced sell-off.
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Author / Journalist: Cointelegraph by Nancy Lubale
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