Market Turmoil Wipes Out $635 Million in 24 Hours
The crypto market erupted in volatility on April 23, triggering a wave of liquidations that totaled over $635.9 million, according to CoinGlass data. Most of the damage came from short positions—a staggering $560 million—as Bitcoin and other top cryptocurrencies surged unexpectedly.
Bitcoin (BTC) led the charge, skyrocketing 6.29% in a single day to eclipse the $94,000 mark, eliminating $293 million in shorts. Meanwhile, Ether (ETH) jumped nearly 10% to $1,787, wiping out another $109 million in bearish bets.
Binance saw the largest slice of the action, with $18.7 million liquidated in just four hours, 78% of which were short trades. Bybit and OKX followed closely, reflecting widespread disruption across major crypto platforms.
🔥 Short Squeeze Looming? Analyst Sees Bitcoin Liquidity Near $100K
Amid the chaos, a strong narrative is forming: Bitcoin may be gearing up for a powerful short squeeze.
Renowned crypto analyst Mister Crypto pointed to an increasingly crowded liquidity zone near $100,000. In a post on X, he described “desperate bears” who could be forced to exit their short positions rapidly, potentially pushing BTC prices even higher.
“Liquidity is piling up around $100,000,” Mister Crypto said, suggesting that a sharp rally could be triggered if Bitcoin breaks above its current levels.
This dynamic, known as a short squeeze, happens when rising prices compel short sellers to buy back into the market to avoid further losses—adding fuel to an already bullish fire.
📈 Bitcoin Hits 45-Day High, But Is $100K Within Reach?
On April 23, Bitcoin touched a 45-day high of $94,236, according to CoinMarketCap. That surge brought renewed excitement—but not everyone is convinced that $100,000 is within immediate reach.
Vincent Liu, CIO at Kronos Research, offered a more cautious take:
“Bitcoin’s climb to $94K reflects renewed global optimism, but its path to $100K remains uncertain,” he told Cointelegraph.
Liu highlighted macro risks including:
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The May 6 FOMC meeting, where potential Federal Reserve rate decisions could reshape investor sentiment.
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Ongoing trade negotiations with India and China.
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Broader global economic conditions.
“Cleared tariffs or rate cuts could spark momentum,” Liu said, “but if tensions linger or hikes return, Bitcoin may remain range-bound.”
📊 What Comes Next for Crypto Markets?
While the markets are still processing the shock of the recent liquidations, momentum appears to be swinging in Bitcoin’s favor. Whether BTC will break the $100K barrier soon remains to be seen, but institutional interest, market structure, and macro triggers are likely to shape what happens next.
For now, bears are bleeding, bulls are emboldened, and Bitcoin is once again the asset to watch.
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