The past 48 hours were not kind to crypto bulls, as a combined total of $953.89 million worth of long positions were liquidated.

The rebound on the 23rd of May also triggered short liquidations, marking the highest volume in three months. Amid this volatility, ZCash [ZEC] bulls have stood tall.

A breakout past the short-term range formation has put the buyers back in the driving seat. Large holders did not sell a substantial part of their holdings during the recent rally, indicating conviction in the move has not died out.

ZEC has a healthy bullish bias

The structure of the privacy token was bullish on both the 1-day and 1-week timeframes. The range formation between $504 and $613…