ZCash (ZEC) has reclaimed the $613 mark, demonstrating resilience amid a turbulent crypto market that saw $953.89 million in long positions liquidated over the past 48 hours. This rebound, which began on May 23, also triggered significant short liquidations, marking the highest volume in three months. Despite the volatility, ZCash bulls have maintained their stance, with large holders retaining their positions, signaling confidence in the token's upward trajectory. The privacy token broke past its short-term range of $504 to $613 on May 20, and technical indicators suggest a continued bullish trend. The recent retracement into the $585-$600 demand zone was met with positive price action, indicating potential for further gains. ZCash's bullish momentum persists even as Bitcoin faces a bearish short-term outlook. Traders are optimistic about ZEC's potential to rally beyond $700, with Fibonacci extension targets set at $738 and $815, although a drop below $486 could invalidate this bullish scenario.