Crypto Markets See $635.9M Liquidations As Bitcoin Surges 6.29%

Crypto markets experienced a significant wave of liquidations over the past 24 hours, with total losses amounting to $635.9 million. The majority of these liquidations, over $560 million, were from short positions, indicating growing pressure on bearish traders. Bitcoin (BTC) was at the forefront of this trend, with $293 million in short positions liquidated as its price surged past $94,000, marking a 6.29% gain within a single day. Ether (ETH) also saw substantial liquidations, with over $109 million in short positions wiped out as its price climbed nearly 10% to $1,787.

Major exchanges, including Binance, Bybit, and OKX, reported significant liquidation volumes, reflecting widespread volatility across the market. Binance alone accounted for $18.7 million in liquidations in the last four hours, with 77.58% of that targeting short positions. This surge in liquidations suggests that many traders who had bet against the market were forced to cover their positions, contributing to the upward momentum in cryptocurrency prices.

Amid this market turbulence, crypto analyst Mister Crypto noted that liquidity is "piling up around $100,000" for Bitcoin. In a recent post, he warned that bears are showing signs of desperation, suggesting a potential short squeeze could drive BTC closer to the six-figure mark. A short squeeze occurs when a rapid price increase forces traders betting against the market to cover their positions, fueling further upward momentum. Mister Crypto shared a Binance BTC/USDT Liquidation Heatmap, showing that a large amount of Bitcoin trading activity and liquidation orders are building up around the $100,000 level, indicating that many traders have set positions that could be triggered if the price reaches that point.

Bitcoin surged to a 45-day high above $94,000 on April 23. The leading cryptocurrency is currently trading at $94,236, up by more than 6% over the past day. However, not everyone is optimistic about an imminent Bitcoin surge to $100,000. Vincent Liu, chief investment officer at Kronos Research, stated that Bitcoin’s climb to $94K reflects renewed global optimism, but its path to $100K remains uncertain. He highlighted that the outcome of the May 6 Federal Open Market Committee (FOMC) meeting, ongoing trade negotiations, and broader macro conditions will be critical. Liu added that cleared tariffs and potential Fed rate cuts could ignite further momentum, while rate hikes or unresolved tensions may keep BTC range-bound. US monetary policy will be pivotal in determining if Bitcoin reaches this milestone.