The Bitcoin market surged above $70,000 on May 21, igniting a bullish fervor that left short sellers reeling and analysts eyeing a potential rally to $100,000.

Amid relentless buying pressure, Bitcoin attempted to consolidate its gains around key psychological levels, marking a significant rebound from previous lows. The cryptocurrency's ascent was fueled by robust liquidity, with repeat buy orders propelling it to nearly $72,000, dealing a crushing blow to short positions.

Data from monitoring resource CoinGlass revealed that a staggering $85 million in Bitcoin shorts were liquidated within a 24-hour period, underscoring the strength of the upside momentum. Statistician Willy Woo pointed out that bulls were confronting overhead resistance that had been in place for over a month, suggesting that further short squeezes could propel Bitcoin past all-time highs.

The bullish sentiment was further buoyed by bold predictions, including the possibility of Bitcoin reaching $100,000 following a breakout on weekly timeframes. Speculation also swirled around the impact of the United States' spot Bitcoin exchange-traded funds (ETFs), with traders anticipating significant market movements ahead of the decision on U.S. spot Ether ETFs.

Meanwhile, some traders remained cautious amidst the euphoria. Popular trader Credible Crypto emphasized that Bitcoin was facing "major resistance" and cautioned against expecting sustained price gains in the current conditions. Despite the optimism surrounding Bitcoin's price action, he maintained a conservative outlook, citing elevated funding rates and bid liquidity levels.

As Bitcoin hovers around the $70,000 mark, the cryptocurrency market braces for potential volatility in the days ahead. While bullish momentum continues to drive prices higher, uncertainty lingers over the sustainability of the rally amidst lingering doubts and cautious market sentiment.