$635M liquidated in 24H as trader predicts $100K Bitcoin short squeeze

1 month ago

Crypto markets faced a crisp question of liquidations implicit the past 24 hours, with full losses reaching $635.9 million, according to marketplace data. The bulk of the liquidations (over $560 million) came from abbreviated positions, signaling increasing unit connected bearish traders.

Bitcoin (BTC) led the liquidation charts, with $293 cardinal successful short positions wiped retired arsenic BTC surged past $94,000, marking a 6.29% summation wrong a day, according to CoinGlass data.

Ether (ETH) followed, with implicit $109 cardinal successful abbreviated liquidations arsenic its terms climbed astir 10% to $1,787.

Data from exchanges shows Binance accounted for the largest stock of liquidations astatine $18.7 cardinal successful the past 4 hours alone, with 77.58% of that targeting abbreviated positions. Bybit and OKX besides saw important liquidation volumes, reflecting wide volatility crossed large platforms.

Trader says Bitcoin liquidity gathering astir $100,000 level

Amid the marketplace turbulence, crypto expert Mister Crypto noted that liquidity is "piling up astir $100,000" for Bitcoin.

In a recent post connected X, helium warned that bears are showing signs of desperation, suggesting a imaginable abbreviated compression could thrust BTC person to the six-figure mark.

A abbreviated compression occurs erstwhile a accelerated terms summation forces traders betting against the marketplace to screen their positions, fueling further upward momentum.

Mister Crypto besides shared a Binance BTC/USDT Liquidation Heatmap, showing that a ample magnitude of Bitcoin trading enactment and liquidation orders are gathering up astir the $100,000 level, meaning galore traders person acceptable positions that could beryllium triggered if the terms reaches that point.

Bitcoin surged to a 45-day precocious supra $94,000 connected April 23. The starring cryptocurrency is presently trading astatine $94,236, up by much than 6% implicit the past day, according to information from CoinMarketCap.

Not everyone believes Bitcoin volition deed $100,000 soon

However, not everyone is optimistic astir an imminent Bitcoin surge to $100,000.

“Bitcoin’s ascent to $94K reflects renewed planetary optimism, but its way to $100K remains uncertain,” Vincent Liu, main concern serviceman astatine Kronos Research, told Cointelegraph.

He said the result of the May 6 Federal Open Market Committee (FOMC) meeting, ongoing commercialized negotiations with India and China, and broader macro conditions volition beryllium critical. He added:

“Cleared tariffs and imaginable Fed complaint cuts could ignite further momentum, portion complaint hikes oregon unresolved tensions whitethorn support BTC range-bound. US monetary argumentation volition beryllium pivotal successful determining if Bitcoin reaches this milestone.”

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