Financial Insights That Matter
- Bitcoin pushed above $95K, its 2-month high, following reduced US-China tensions.
- Almost $300 million in short positions were closed out, and $193 million was from Bitcoin shorts.
- BTC resists at $95,000, where buyers are targeting a breakout to $98,358 or $100,000.
Bitcoin (BTC) soared to its highest price in two months, surpassing $95K as cryptocurrencies broadly experienced substantial gains. Bitcoin’s ascent kicked off early in the week, climbing from $84,000 to over $87,000 and breaking free from its previous consolidation zone. The momentum carried BTC past $90,000 by Tuesday, showcasing impressive resilience.
The bullish charge resumed on Thursday and Friday, with Bitcoin nearing the $96,000 mark—its highest since two months ago. Analysts like Daan Crypto Trades also caution that trending markets often lead to weekend price gaps, urging traders to stay alert despite expectations of lower volatility.
Even after a minor correction, BTC remains steady at just under $95,000, commanding a massive $1.880 trillion market cap and a 61% dominance over the entire crypto market.
Crypto Market Records $300 Million in Short Liquidations
Bitcoin saw a small 0.72% daily increase to trade at $94,287 while market capitalization increased to $1.87 trillion. The momentum in the crypto trade also triggered large short liquidations. Data from CoinGlass shows nearly $300 million in positions were liquidated over the past day, with $193 million coming from shorts betting against Bitcoin’s rise.
Despite stock market optimism tied to rate cut hopes, Bitcoin remained the star performer. It briefly dipped to $91,800 but quickly rebounded, unlike Ethereum, which slid 1.8% to $1,760. Meanwhile, Solana and Dogecoin gained ground, trading at $152 and above $0.19, respectively. Ethereum has also moved higher, recently reaching $1,800.
Over the past 24 hours, trading volume spiked to $35.08 billion, reflecting a 0.73% increase. Its fully diluted valuation (FDV) stands at $1.98 trillion, reflecting strong and growing investor demand.
Can BTC Break Through $95,000 Resistance?
Currently, Bitcoin futures markets are experiencing increasing open interest combined with negative funding rates, which indicates a possible short squeeze. Growing pressure on short sellers according to Glassnode analysis can trigger an extreme bullish breakout. Traders are especially watching for any surprises because demand for BTC contracts keeps on going up.
Experts agree that $95,000 remains a key psychological and technical resistance. Breaking through this level would open paths toward $98,358 and the long-anticipated $100,000 milestone. Some traders have positioned call options targeting $100K and above, revealing bullish sentiment prevailing despite earlier April market uncertainties.
Read More: Bitcoin’s Apparent Demand Hits Positive Spike, Setting Stage for Rally
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