Could Bitcoin Hit 100K Next After Triggering 650M in Liquidations

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According to CoinGlass, Bitcoin’s price surged on April 23, 2025 and reached $94,336. This caused a major Liquidation in the crypto market. It wiped out around $652.84 million and nearly 173,000 traders faced losses.

In this, short sellers suffered the biggest losses. This sudden surge in Bitcoin price came as a surprise, as many traders were expecting that the market might slow down, but the opposite happened, and the price went up quickly; this caused a Domino effect of forced liquidation.

The whole crypto market reacted fast, and major assets and trading platforms were hit by volatility.

Short Sellers Caught Off Guard

Bitcoin price movements have also been unpredictable, but this recent survey has caught many investors off guard, particularly those investors who were betting that the price would drop.

According to CoinGlass, almost 95% of the liquidation came from short positions. This shows how strongly traders were expecting that the price would fall.

The biggest hit from these liquidations was faced by platforms like Bybit, Gate.io, and HTX. Bybit alone faced a wipeout of $163 million, while HXT and Gate.io faced losses of $50.87 million and $44 million.

These numbers show how risky it was for traders to bet against the sudden rise in Bitcoin price.

Market Dynamics and Open Interest Explosion

The sharp rise in interest caused a surge in liquidations, particularly in Bitcoin futures markets. In just 24 hours, there was a rise in open interest ,it went from $58.46 billion to $67.28 billion, which is a 15% increase. This means that even a small rise in Bitcoin price might cause forced sell-offs on a large scale.

The pressure increased when the Bitcoin price reached above $90,000. Many traders with borrowed money were based on perpetual contracts, which made them more sensitive to quick price changes. There was a gap created due to a lack of strong resistance between the levels of $90,000 and $94,000; this led the market to rush through and caused losses for many traders who were betting against the price.

According to recent price data on CoinMarketCap, the Bitcoin price is currently trading at 92k on April 24, 2025. The day before that on April 23, 2025, BTC was trading above the 93k price range. The current 24-hour trading volume is $38.07 B.

The Current Bitcoin Market Scenario

Metrics	Value
Current Price	$92,588.31
24-Hour Trading Volume	$38.01B
7-Day Highest Price	$94,334.37
24-Hour Volume Peak (7D)	$58.97B
Date of 7-Day High	April 23, 2025

Major Factors Behind the Rally

The breakout of the Bitcoin price was caused by several global events. A warning was given by the International Monetary Fund (IMF) it has also lowered their growth forecast, this caused concern about the stability of regular currencies.

According to a recent report from Standard Chartered, BTC is still undervalued in the current market. This supported the idea that Bitcoin can be used as a safe investment against financial risks, and led to a growing interest from institutional and individual traders.

Conclusion

The Bitcoin’s price surge shows that in crypto, market Sentiments can be changed quickly. The Short-sellers faced the largest liquidation. Crypto markets can be more volatile as macroeconomic factors are pushing more investors toward decentralised assets. Traders must keep an eye on funding rates and open interest levels.