The volume of short position liquidations reached $375 million.
In the past 24 hours, the price of the leading cryptocurrency rose by 4.7%. At the time of writing, the asset is trading at its highest level since late January—around $79,300.
Hourly chart of BTC/USDT on Binance. Source: TradingView.
Ethereum increased by 4.4% to $2,400. BNB gained nearly 2.9% (approximately $650), while Solana rose by 2.7% (around $88).
Source: CoinMarketCap.
In the last 24 hours, the total liquidation volume in the crypto market reached $480.3 million, with the majority—$375 million—coming from short positions.
Source: CoinGlass.
The macroeconomic backdrop has also become favorable: the S&P 500 rose by 0.8%, while Nasdaq gained 1.3%, reaching a record high.
This increase followed a statement from U.S. President Donald Trump. According to NYP, sources reported that the U.S. leader is willing to give Iran up to five days of ceasefire to prepare for negotiations, with the next meeting potentially scheduled for April 24.
However, Tehran has yet to make a final decision, as reported by Tasnim. Uncertainty remains around the situation in the Middle East, with the U.S. maintaining its blockade and the Strait of Hormuz still closed.
“Fragile” Situation
Analysts at QCP believe that the Bitcoin rally is temporary and do not expect a trend reversal. They state that risk assets are only feeling more confident due to the ceasefire extension and the stance of Federal Reserve Chair candidate Kevin Warsh, who confirmed the agency's full independence.
Oil prices remain around $100, as markets shift from shock risk to assessing resilience. This fuels inflation but simultaneously reduces real incomes and weakens consumption, hindering growth, experts noted.
“Negative funding rates indicate an increase in short positions. This positioning makes the market tactically vulnerable to short squeezes, but does not indicate a decisive change in sentiment,” QCP analysts remarked.
The options market also does not confirm a strong breakout. Short-term volatility remains low, and demand for downside protection persists.
Derivatives suggest consolidation rather than trend development, as institutional players do not show decisive confidence, specialists concluded.
Key Level
K33 also pointed out the increase in short positions, raising the likelihood of a short squeeze. The head of research at the analytics firm, Vetle Lunde, is more confident in the continuation of the first cryptocurrency's rally.
“Bitcoin prices and funding rates are diverging. While BTC trends higher, funding continues to fall, with 7-day rates on par with February lows alongside rising open interest. This setup increases the likelihood and potential magnitude of a short squeeze.” https://t.co/a8zvNEgACj
— K33 Research (@K33Research) April 21, 2026
“We still see strong breakout potential for BTC, and concentrated short positions provide a good fuel reserve for growth,” Lunde stated.
However, the $79,000-$80,000 zone poses a barrier. It coincides with the realized price of short-term holders—this group of investors is most sensitive to volatility and is more likely to sell during price increases.
CryptoQuant analyst Ignacio Moreno de Vicente also referred to the $80,000 level as a “critical inflection point.”
The $80K Liquidity Wall: Billions in Losses Are About to Make a Decision:
— I. Moreno 🍬 (@MorenoDV_) April 22, 2026
Bitcoin is approaching a critical inflection point where two of the most influential marginal buyer cohorts (ETF investors and short-term whales) are simultaneously testing their cost basis. pic.twitter.com/K03Jdb8Jdz
According to him, the realized price for short-term whales (holders from one to six months) is at $79,600. Since November 1, this group has been at a loss. The current unrealized loss stands at $4.3 billion (30-day average is $9.4 billion).
“On January 15, when Bitcoin approached $95,000, short-term whales that had recently returned to profit used that window to exit. […] For these investors, $80,000 is not just a round number but a psychological and financial threshold between relief and continued losses,” Moreno de Vicente explained.
Consolidating above $80,000 would turn resistance into support. A downward bounce would confirm that selling pressure remains, prolonging the downturn into the second quarter, he warned.
Lastly, MN Trading founder Michael van de Poppe predicted that Bitcoin could reach $100,000 within 12 months.