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IT IS SO OVER… for the bears.
Yes, Bitcoin is finally back above $100K, its first return to six figures since February 7th—up over 6% on the day—with altcoins enjoying some long-overdue gains. It’s been a turbulent three-month stretch, driven largely by tariff-related uncertainty. Bitcoin plunged to as low as $74.5K, marking a 30% drawdown from its all-time high, while altcoins suffered even heavier losses, with many still down over 50% from their peaks. Sentiment collapsed into extreme fear, traditional stock markets entered bear territory, and panic reached boiling point.
This latest surge appears more technical than fundamental, although the announcement of a tariff agreement between the US and UK offered a glimmer of macro progress. That said, traditional markets barely reacted—the S&P 500 edged up just 0.58% on the day.
Now, the bulls are laughing and the bears have been steamrolled. In the past 24 hours alone, over $830 million in shorts have been liquidated, leaving a sea of green across the board.
Source:https://cryptobubbles.net/
It’s been a uniformly green day across altcoins, with most notching at least 10% gains, and several majors pushing past 20%. Those who continued to accumulate during the chaos are already reaping the rewards of buying when others were fearful—and this looks like just the beginning. Ethereum has finally broken out, posting a 20% candle, while Sui continues to rip higher, now approaching $4 USD, bolstered by persistent rumours of a Pokémon partnership and forthcoming NFTs on the Sui network.
Bitcoin’s strength has been undeniable, rising nearly 40% since bottoming, and some altcoins have outpaced even that. Pundits who called for a return to the $60Ks—or even the $50Ks—are looking foolish, and those sidelined by uncertainty around Trump have been left in the dust. But it’s not too late—Bitcoin is rapidly approaching its all-time high, and once it breaks through, the lids are off. Anyone feeling like they’ve missed the boat may want to bite the bullet and get allocated.
Stormrake Spotlight: Bittensor (TAO) ($420)
Stormrake Spotlight: Bittensor (TAO) ($420)
TAO has cleared all immediate resistance at $390 and closed above the 200 SMA, rallying 15% in the last 24 hours. The next immediate price target is the first CPR level at $440. A break above this level puts the spotlight on the $525–$553 zone. Any pullback is likely to retest former resistance around $390, which acted as a ceiling during consolidation.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has exploded back above $100K, tagging the next key level at $104K overnight, before slightly retracing to trade just below $103K. The trend remains extremely bullish. Following the 6% rally, a pullback to the 21 EMA or the recent CPR level at $101.7K would be a healthy reset.
BTC Total ETF Flows for 8 May: $ + 48.4 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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