"The move began building in the evening of April 13, when bitcoin broke through a dense cluster of leveraged short positions sitting between a bitcoin price of $72,000 and $73,500. Once that resistance cracked, short liquidations became the accelerant."
"Over a 24-hour period, roughly $425 million in leveraged short positions in Bitcoin and Ether were wiped out, with 177,000 traders liquidated for a combined $530 million, according to CoinGlass data."
"Options market data from Deribit showed dealers concentrated in 'negative gamma' near $75,000 - a positioning condition where market makers are forced to buy into rising prices and sell into falling ones."
"Institutional demand added fuel to the move. Strategy's STRC at-the-market preferred stock program recorded more than $1 billion in single-day trading volume on April 13, with all activity occurring above the $100 par value required to trigger share issuance."
Bitcoin reached a four-week high of over $76,000, driven by geopolitical optimism, forced short liquidations, and institutional buying. The rally began on April 13 when Bitcoin broke through significant short positions between $72,000 and $73,500. Approximately $425 million in leveraged short positions were liquidated, impacting 177,000 traders. The $75,000 level acted as a volatility release point, enhancing the price surge. Institutional demand was also significant, with over $1 billion in trading volume recorded, leading to substantial Bitcoin purchases.
Read at Bitcoin Magazine
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