S&P 500 · Bitcoin · Iran · Federal Reserve (FED) · Cointelegraph
Bitcoin traders predicted a short squeeze to $80,000, but a lack of overall demand and the return of leverage sparked
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Bitcoin (BTC) starts the final week of May with traders optimistic about an $80,000 rebound, will it end up as a liquidity grab?
Key facts
- US spot Bitcoin ETFs have now seen more than $1.74 billion in cumulative outflows, while the Coinbase Premium has turned deeply negative
- Van de Poppe saw BTC/USD rising above $80,000 should a deal take effect
- US stocks futures surged at the weekly open, with both the S&P 500 and Nasdaq 100 hitting new all-time highs
- Trader and analyst Lennaert Snyder referred to Bitcoin’s trip below $75,000 as a “nice liquidity sweep
Summary
Bitcoin traders predicted a short squeeze to $80,000, but a lack of overall demand and the return of leverage sparked warnings of more liquidation events to come. Bitcoin recovers from its trip to monthly lows as shorts above $80,000 could get squeezed next. Excitement is growing over a US-Iran peace deal, and stock markets are already heading to record highs. Inflation pressures remain a headache for the Federal Reserve as PCE data for April is released.