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

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

According to crypto media outlet U.Today on April 22 (local time), Bitcoin recorded $79,214 on Binance, surpassing its highest level since February. This surge triggered a series of forced liquidations for investors heavily invested in short positions, sending a strong shockwave across the market. According to CoinGlass data, the liquidation imbalance ratio reached 4,362%.

Behind this sharp rise lies the massive losses of those who predicted a decline. 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 bet on a downturn. Over a 24-hour period, the total market liquidation volume reached $394.32 million, with most of it being the result of a short squeeze.

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

Technically, Bitcoin broke through the middle line of the Bollinger Bands on the weekly chart, entering an upward expansion phase. The next major target range is suggested to be $96,600, and currently, buying pressure is sustained 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 indicates that market dominance has completely shifted to buying forces, going beyond a mere price increase. The extreme liquidation imbalance of 4,362% suggests that upward pressure remains strong, and the market's 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 any investment losses based on it. The content should be interpreted for informational purposes only.*