Bitcoin crossed $94,000 on April 23, triggering liquidations worth $635.9 million across crypto markets in 24 hours. According to CoinGlass data, more than $560 million of that came from short positions. Bitcoin led the way with $230 million in shorts wiped out, while Ether followed with $109 million as its price rose to $1,787, almost a 10% gain.
Binance was the exchange with the highest share of liquidations in a recent four-hour window, totaling $18.7 million, of which 78% were short positions. Bybit and OKX also reported high volumes of liquidated positions, pointing to broad market volatility.
The surge in liquidations came as Bitcoin climbed to a 45-day high, reaching $94,236 at the time of reporting, with a 6.29% increase over the day. Some traders believe this price action could lead to a short squeeze pushing Bitcoin toward the $100,000 mark. Mister Crypto, a market analyst, shared a heatmap from Binance showing a build-up of liquidation orders around $100,000.
He posted that “liquidity is piling up around $100,000,” suggesting that many traders have set positions near that level, and if triggered, they could push the price higher.
A short squeeze happens when traders who bet against an asset are forced to exit those positions, typically by buying the asset, causing the price to rise even further. Mister Crypto said that bearish traders are starting to show signs of stress as Bitcoin gains momentum.
Despite the optimism from some quarters, others remain cautious. Vincent Liu, the chief investment officer at Kronos Research, pointed out that Bitcoin’s move to $94,000 reflects positive sentiment, but warned that broader economic factors could influence whether it breaks $100,000. “Cleared tariffs and potential Fed rate cuts could ignite further momentum, while rate hikes or unresolved tensions may keep BTC range-bound,” he said. Liu emphasized the importance of the upcoming Federal Open Market Committee (FOMC) meeting on May 6, as well as U.S. trade talks with India and China as key variables.
The heatmap data and surge in short liquidations suggest a highly leveraged market environment, where many traders are taking directional bets. Bitcoin’s current level has become a psychological milestone, with a significant amount of trading activity and open interest concentrated around the $100,000 level.
As the market digests these developments, it remains uncertain whether Bitcoin can sustain its upward momentum or if the rally will stall below the much-anticipated threshold. For now, traders are watching closely as positions build and market pressure grows.
