Bitcoin surged by 6.5% over the past 24 hours, climbing from $88,590 to a high of $94,355 before pulling back slightly to around $93,650.
Market data indicates that the cryptocurrency sector experienced a wave of liquidations during this period, with total losses reaching $635.9 million. A majority—over $560 million—came from short positions, underscoring increased pressure on bearish traders.
According to CoinGlass, BTC led the liquidation charts, with short positions worth $293 million wiped out as BTC spiked above $94,000, recording a 6.29% daily gain.
The recent rebound in Bitcoin to a weakening correlation with U.S. equity indices—often referred to as “decoupling”—as well as a weakening U.S. dollar. While Bitcoin has historically tracked stock market downturns during major macroeconomic events, that relationship appears to be fading. Some analysts suggest that, amid ongoing U.S.-China trade tensions, BTC—alongside gold—is emerging as a safe haven for Chinese capital.
On April 23, Bitcoin climbed toward the $95,000 resistance level, supported by increased inflows into spot BTC ETFs and strong macroeconomic data from the U.S. According to Farside Investors, net inflows to these funds reached $381.3 million on April 21 and surged to $912.7 million on April 22.
BTC continues to maintain a bullish position across key timeframes, supported by consistent buy signals from both exponential and simple moving averages. The recent breakout above $90,000, accompanied by a sharp increase in trading volume and bullish momentum in indicators such as the MACD and oscillators, reflects sustained interest from buyers.
Bitcoin is likely to extend its current uptrend as long as the key support level at $88,000 holds, with short-term targets set at $95,000 and $100,000.
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