$635 million liquidated as Bitcoin nears $100,000

Cryptocurrency markets experienced $635.9 million in liquidations within 24 hours, driven largely by short position losses amid a Bitcoin (CRYPTO:BTC) price surge.

Data from CoinGlass showed that over $560 million of the liquidations were from short positions, indicating significant pressure on bearish traders.

Bitcoin led the liquidation activity, with approximately $293 million in short positions liquidated as its price climbed past $94,000, marking a 6.29% increase in one day.

Ether followed with more than $109 million in short liquidations as its price rose nearly 10% to $1,787.

Binance accounted for the largest share of liquidations in the last four hours, totaling $18.7 million, with 78% targeting short positions.

Other major exchanges such as Bybit and OKX also reported substantial liquidation volumes, reflecting increased volatility across the market.

Crypto analyst Mister Crypto noted that liquidity is accumulating near the $100,000 Bitcoin price level.

He stated on X that “bears are showing signs of desperation,” suggesting a potential short squeeze could push Bitcoin toward six figures.

A short squeeze occurs when rapid price increases force traders betting against the market to cover their positions, which can accelerate upward momentum.

Mister Crypto shared a Binance BTC/USDT Liquidation Heatmap showing concentrated trading activity and liquidation orders around the $100,000 mark.

However, some experts remain cautious about Bitcoin reaching $100,000 soon.

“Bitcoin’s climb to $94K reflects renewed global optimism, but its path to $100K remains uncertain,” said Vincent Liu, chief investment officer at Kronos Research.

He emphasised that upcoming events, including the May 6 Federal Open Market Committee meeting and international trade negotiations, will influence Bitcoin’s trajectory.

“US monetary policy will be pivotal in determining if Bitcoin reaches this milestone,” Liu added.

At the time of reporting, the Bitcoin (BTC) price was $93,436.47.