Bitcoin’s Meteoric Rise: Bears Panic as Bulls Aim for $100K

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Ah, the sweet, sweet drama of the Bitcoin world!

  • Our dear bearish Bitcoin traders were absolutely flabbergasted by BTC‘s impetuous leap above $90,000. Poor souls, they never saw it coming. 🙄

  • Spot volumes, apparently, are the unsung heroes of this Bitcoin price rally. Talk about unsung, right?

  • Meanwhile, those bearish derivatives positions? Oh, darling, they’re just begging to be liquidated. Ouch!

Behold, as Bitcoin (BTC) elegantly clings to the $93,000 mark on April 24, almost as though it’s bidding adieu to the 52-day bear market that cruelly bottomed at $74,400. Will this mark the end of our long-winded tale of bearish despair? One might wonder. Though Bitcoin is beginning to show faint signs of independence from the stock market, the professional traders, bless their hearts, seem too stubborn to change their strategies. The futures and margin market data stand as evidence of their unwavering persistence. 👑

The long-to-short ratio? Oh, how it tells tales! A higher ratio means that buyers are confidently holding long positions, and a lower one hints at sellers eagerly waiting. Currently, the top traders’ long-to-short ratio on Binance has dropped to a mere 1.5x, from a more vigorous 2x a mere ten days ago. How utterly tragic for the bears! At OKX, their ratio peaked at 1.1x on April 17, only to stumble down to 0.9x since. Classic, really.

Bitcoin Flourishes as the Dollar Stumbles and S&P 500 Sees Its Targets Shattered

And then, in true dramatic fashion, Bitcoin soared 10% between April 20 and April 24, coinciding perfectly with US President Donald Trump’s sudden charm offensive on import tariffs. Not to mention his newfound understanding of Jerome Powell’s plight, which, dare we say, seemed like a full-on reversal of tone! Who could have predicted? Well, not the bears, that’s for sure! 😏

In the midst of economic uncertainty, Deutsche Bank strategists, like disappointed parents, slashed their year-end S&P 500 target by 12%. Meanwhile, the US dollar, that poor, overworked currency, lost its fight and slipped below 99 on the DXY index – its weakest in three years. How utterly scandalous! Bitcoin, on the other hand, has comfortably positioned itself as one of the world’s top eight tradable assets with a market cap of $1.84 trillion. All hail the new king! 👑

As the price surged above $90,000, the Bitcoin bears were caught with their shorts exposed, resulting in over $390 million in leveraged short futures liquidations between April 21 and April 22. And let’s not forget: the open interest in BTC futures is merely 5% shy of its all-time high. Clearly, the bears are still hanging around like an awkward guest at the party. 👀

If Bitcoin maintains its fervent pace and breaches the $95,000 threshold, it could incite another round of mass panic among the bears, potentially liquidating an additional $700 million worth of short futures positions. We’re talking about a short squeeze of almost legendary proportions here. Poor bears. They’ll need a nap after this. 😴

But wait! It gets juicier. A newly minted joint venture between SoftBank, Cantor Fitzgerald, and Tether is aiming to buy up Bitcoin like it’s going out of style, via convertible bonds and equity financing. The aptly named “Twenty One Capital” is set to kick off with a rather grand 42,000 BTC, thanks to Strike founder Jack Mallers. At least they have taste, I suppose.

This article is for informational purposes only. It should not be construed as legal or investment advice. All opinions expressed are solely those of the author and do not necessarily reflect the views of CryptoMoon.

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2025-04-24 20:26