Bitcoin’s been on a tear lately, and it went into overdrive this week. The price surged past $94,000, sending shockwaves through the market and wiping out more than $635 million in trader positions in the ensuing crypto short squeeze. The bulk of that pain? It came from short sellers who were betting on the price going down.
$636.93M got liquidated today including $474.99M from Shorts. pic.twitter.com/f5hNRPmaZC
— Kakashi (@kkashi_yt) April 23, 2025
To put it simply, this rally caught a lot of people off guard. About $560 million of the liquidations were shorts. That means traders who expected Bitcoin to drop were forced to exit their positions at a loss when the price kept climbing. And when that many shorts get crushed all at once, it can cause a chain reaction, what’s known as a short squeeze, where prices push even higher as traders scramble to cover their bets.
Why Bitcoin’s Ripping Higher
So what’s behind this sudden rocket fuel?
Part of it has to do with fresh money pouring into the market. Bitcoin exchange-traded funds (ETFs), especially those based in the U.S., have seen some solid inflows lately. That’s usually a sign that bigger players are buying in and institutions are getting more comfortable with exposure to crypto.
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There’s also just a lot of positive momentum. Retail traders, high-frequency firms, and whales seem to be leaning bullish. Social sentiment is up. Trading volume is climbing. And those “Bitcoin to $100K” headlines? They’re back in full swing.
Analysts Say $100K Is in Sight, But They’re Still Cautious.
Plenty of crypto analysts now believe we’re entering the final stretch before a possible push to six figures. One of them, Mister Crypto, pointed out a huge chunk of liquidity sitting just above the $100K mark. If Bitcoin gets close, it might snowball fast as traders try to front-run that next leg up.
Liquidity is now piling up around $100,000.
Bears are getting desperate.
SHORT SQUEEZE INCOMING! pic.twitter.com/qV6BM54hBp
— Mister Crypto (@misterrcrypto) April 23, 2025
But not everyone is screaming “to the moon” just yet.
Crypto analyst Melika Trader isn’t buying the hype. She spotted a head-and-shoulder pattern forming on Bitcoin’s chart, a classic red flag for a downturn. If the pattern plays out, she thinks BTC could take a dive all the way down to $78,000. So while everyone cheers the rally, Melika says, “Don’t get too comfy.”
In other words, don’t count your satoshis before they hatch. Even in bull runs, pullbacks can and do happen.
What’s Next After This Crypto Short Squeeze?
Still, there’s no denying the momentum right now. Bitcoin’s bounce above $94K is the highest we’ve seen in nearly two months. Altcoins like Ethereum and Solana are also enjoying the ride, following closely behind.
Anyone’s guess is whether we hit $100K next week or next quarter. But one thing’s clear: the market is alive, liquidations are flying, and Bitcoin has once again reminded everyone that it moves on its own terms, and fast.
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Key Takeaways
- Bitcoin surged past $94,000, triggering over $635 million in liquidations, $560 million of which came from short sellers.
- The rally was driven by strong ETF inflows, growing institutional interest, and renewed retail momentum across the market.
- Analysts say $100K is within reach, with significant liquidity sitting just above that psychological level.
- Despite bullish sentiment, macroeconomic factors like Fed decisions and global trade tensions could spark volatility.
- Altcoins like Ethereum and Solana are riding the wave, as crypto markets heat up across the board.
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