Bitcoin Breaks $79,000...97.7% of Short Sellers Liquidated

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As Bitcoin (BTC) surpassed $79,000, liquidating a large number of investors who bet on a decline, market dominance is rapidly shifting towards buying forces.

According to U.Today, a crypto-specialized media outlet, on April 22 (local time), Bitcoin recorded $79,214 on Binance, hitting its highest level since February. This surge triggered a cascade of forced liquidations for investors heavily positioned in short positions, delivering a strong shock to the overall market. According to CoinGlass data, the liquidation imbalance ratio reached 4,362%.

The backdrop of this surge is the massive losses incurred by bears. Of the $34.23 million in liquidations that occurred in just one hour, $33.46 million originated from short positions. A staggering 97.7% of the total was concentrated among investors who had bet on a decline. Over a 24-hour period, the total market liquidation volume reached $394.32 million, with most of it resulting from a short squeeze.

The market's upward momentum emerged simultaneously from supply-demand imbalances and changes in the macroeconomic environment. Falling oil prices and rising S&P indices stimulated a preference for risk assets, and a total of $1.54 billion flowed into US Bitcoin spot ETFs for six consecutive days. The fact that the funding rate remained at -0.02% even during the price increase phase indicates an excessive accumulation of short positions.

Technically, Bitcoin has broken through the middle line of the Bollinger Bands on the weekly chart, entering an upper expansion phase. The next major target range is suggested to be $96,600, and currently, buying pressure is being maintained around the $79,000 mark. Experts believe that the speed of the ascent will be determined by how quickly short positions are liquidated.

Meanwhile, this breakthrough goes beyond a mere price increase, indicating that market dominance has completely shifted to buying forces. The extreme liquidation imbalance of 4,362% suggests that upward pressure remains strong, and market attention is rapidly shifting to whether it will break through $100,000.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*