INSUBCONTINENT EXCLUSIVE:
new all-time high of $111,888 is boosting investor confidence across the crypto market.The cryptocurrency market is up today, with the total
market capitalization rising by approximately 2.5% in the last 24 hours to reach $3.48 trillion on May 22
The total 24-hour trading volume across all crypto assets has also increased by 55% to $193.2 billion, reinforcing the intensity of the
demand-side activity.Crypto market performance May 22
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.Data from Cointelegraph Markets Pro and TradingView shows BTC rose as much
as 7.3% to a new record high of $111,888 on May 22 from a low of $104,200 on May 21, lifting the broader crypto market with it.Major
market performance of top 10 cryptocurrencies, May 22
This has prompted investors to turn to Bitcoin as a store of value, boosting overall crypto market sentiment.Additionally, the US Dollar
Index (DXY) has been on a downtrend since early November and is down more than 9.84% to 99.096 from its Jan
The DXY has dropped more than 2.6% over the last 10 days.DXY daily chart
Source: Cointelegraph/TradingViewCrypto market participants often point to increased involvement from traditional financial firms as a
reason for crypto gains.This week, JPMorgan Chase CEO Jamie Dimon said that the bank will offer clients access to Bitcoin after years of
powerful short squeeze, as data from CoinGlass shows.In the past 24 hours, over $495 million in crypto positions have been liquidated across
the crypto market, with approximately $300 million representing short position liquidations
Short BTC leveraged positions totaling $173 million have also been liquidated on the day.Total crypto liquidations
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.The short squeeze has played a crucial role in amplifying the current rally,
particularly for Bitcoin, which has led the market with its charge past $110,000.Related: Bitcoin 'looks exhausted' as next bear market
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
below.A high volume move above this level could accelerate the recent bullish momentum toward the technical target of the prevailing chary
Source: Cointelegraph/TradingViewThe relative strength index (RSI) is at 70 and has risen from 44 over the last 48 hours, indicating
increasing bullish momentum.Conversely, a four-hour candlestick close below $3.35 trillion will likely push the price to test the upper
boundary of the flag at $3.27 trillion
Losing this support will invalidate the bullish thesis, and TOTAL could continue its consolidation within the flag for a few more days.This
article does not contain investment advice or recommendations
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
