Key points:
Bitcoin holding $100,000 as a level of support would confirm the current trend change.
Ether leads among altcoins, and DeFi tokens could follow.
Bitcoin (BTC) broke above the psychologically critical $100,000 level on May 8, and the bulls are trying to hold on to the level on May 9. In an X post, CoinGlass said that Bitcoin’s rally resulted in $837.80 million in short liquidations in a 24-hour period, the largest since 2021.
Bitcoin’s rally also lifted several major altcoins, which soared above their respective overhead resistance levels. The altcoin rally was led by Ether (ETH), which surged roughly 22% on May 8, triggering a $328 million liquidation of Ether short positions.
Crypto market data daily view. Source: Coin360
Although the short-term picture has turned positive, Bitcoin bulls are expected