Crypto markets faced a sharp wave of liquidations over the past 24 hours, with total losses reaching $635.9 million, according to market data. The majority of the liquidations (over $560 million) came from short positions, signaling growing pressure on bearish traders.
Bitcoin (BTC) led the liquidation charts, with $293 million in short positions wiped out as BTC surged past $94,000, marking a 6.29% gain within a day, according to CoinGlass data.
Ether (ETH) followed, with over $109 million in short liquidations as its price climbed nearly 10% to $1,787.
Data from exchanges shows Binance accounted for the largest share of liquidations at $18.7 million in the last 4 hours alone, with 77.58% of that targeting short positions. Bybit and OKX also saw significant liquidation volumes, reflecting widespread volatility across major platforms.
Related: Bitcoin breaks downtrend with spike toward $92.6K, but who’s behind the price momentum?
Trader says Bitcoin liquidity building around $100,000 level
Amid the market turbulence, crypto analyst Mister Crypto noted that liquidity is “piling up around $100,000” for Bitcoin.
In a recent post on X, 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 also 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, meaning 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, according to data from CoinMarketCap.
Related: Bitcoin price prepares for ‘70% to 80%’ gain as onchain metrics and spot BTC ETF inflows spike
Not everyone believes Bitcoin will hit $100,000 soon
However, not everyone is optimistic about an imminent Bitcoin surge to $100,000.
“Bitcoin’s climb to $94K reflects renewed global optimism, but its path to $100K remains uncertain,” Vincent Liu, chief investment officer at Kronos Research, told Cointelegraph.
He said the outcome of the May 6 Federal Open Market Committee (FOMC) meeting, ongoing trade negotiations with India and China, and broader macro conditions will be critical. He added:
“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.”
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