The forced liquidations have triggered a short squeeze, fostering bullish sentiment and renewed interest from whale investors.

Despite the bullish sentiment, some analysts, including Vincent Liu from Kronos Research, caution against expecting Bitcoin to reach $100,000 soon due to macroeconomic uncertainties.

Liquidations were heavily concentrated on exchanges like Binance and Bybit, with most short positions either closed or liquidated by April 23.

Bitcoin (BTC) recently surged past $93,000, leading to the liquidation of over $300 million in short positions within just 24 hours.

This wave of liquidations has shifted market sentiment positively, suggesting the potential onset of a new bull phase, despite the RSI nearing overbought territory.

A liquidation heat map reveals minimal resistance up to the psychological barrier of $100,000, indicating a possible continuation of the rally.

On April 22, total BTC short liquidations exceeded $517 million, highlighting significant market volatility.

The broader crypto market saw forced liquidations surpassing $601 million in the same timeframe, predominantly impacting short traders.

BTC exchange reserves are at an all-time low of 2.5 million coins, reflecting a tight supply amidst fluctuating demand.

Bitcoin's recent breakout has ended a multi-week declining trend, positioning it for potential new all-time highs and positively influencing the altcoin market.

ETF inflows into BTC reached $912.7 million recently, marking the highest success since Donald Trump's presidency and reflecting renewed market enthusiasm.

The recent liquidation event, totaling $618 million, suggests a significant shift that may signal the end of the prolonged bear market in 2025.