From Cointelegraph

April 24, 2025 1:04:00 pm:

Bitcoin traders were surprised by a rally above $90,000, with spot volumes driving the surge and derivatives positions at risk of liquidation. Long-to-short ratio data on Binance and OKX show changing sentiment. Dollar weakness and slashed S&P 500 targets coincide with Bitcoin’s 10% rally, positioning it among top tradable assets at $1.84 trillion market cap.

The rally above $90,000 led to over $390 million in short futures liquidations, with open interest remaining near all-time highs. A potential short squeeze looms if Bitcoin breaks $95,000, with $700 million more in short positions at risk. Inflows into spot Bitcoin ETFs and a new venture aiming to accumulate Bitcoin through convertible bonds could further bolster the bullish case.

Top traders in BTC margin and futures markets remain muted, indicating spot market buying pressure is driving the rally. With Bitcoin consolidating above $90,000, bears may face increasing pressure to cover shorts, potentially paving the way for a challenge to the $100,000 psychological threshold.

Read more at Cointelegraph: Bitcoin rebounds as bulls eye $100K and bears scramble to cover short positions