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Bitcoin continued its strong bullish momentum, breaching the $82,000 threshold during May 6 trading, supported by easing geopolitical tensions. This recent surge triggered an additional $66 million in short position liquidations, significantly adding to the recent wave of forced exits. Consequently, Bitcoin's market capitalization reached $1.64 trillion, pushing the total crypto market cap to $2.8 trillion. Despite previous technical concerns, clearing the $82,000 resistance level may now pave the way for Bitcoin to target the $84,000 CME price gap. Investors are closely monitoring the sustainability of this rally amid fluctuating institutional demand via ETFs. This performance reflects the market's resilience in absorbing selling pressure as global risk appetite improves.
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