Trump's single remark triggers $450 million short liquidation...Bitcoin hits 11-week high

▲ Bitcoin (BTC), short position/ChatGPT generated image

Amid expectations of easing geopolitical risks triggered by Donald Trump's extension of the Iran ceasefire, the virtual asset market absorbed a large volume of liquidations, showing a strong rebound.

According to a report by CoinGeape, a cryptocurrency specialized media outlet, on April 22, US President Donald Trump decided to extend the ceasefire agreement between the United States and Iran. Immediately after this announcement, geopolitical uncertainties that had been pressuring global financial markets eased, and risk asset preference quickly recovered. As a result, the total market capitalization of virtual assets expanded by 2.35% in one day to $2.62 trillion. Simultaneously, a short squeeze occurred, with a large number of short positions being liquidated, further strengthening the upward momentum.

Bitcoin (BTC) surpassed $78,000 immediately after the news, reaching its highest level in approximately 11 weeks. Technically, a rounding bottom pattern is forming, increasing expectations for further gains. According to CoinGlass, an on-chain data analysis firm, approximately $454 million worth of positions were liquidated across the entire market in the last 24 hours, of which $319 million were short positions. Grayscale, a digital asset management firm, suggested that this rally could be the early phase of a bull market, beyond just a short-term rebound.

In the altcoin market, Ethereum (ETH) showed a prominent upward trend. Ethereum rose by more than 3% in one day, attempting to break through the $2,400 resistance level. It moved above the 100-day exponential moving average, strengthening its mid-to-short-term upward trend, with $2,700 being mentioned as the next target price. The CMF indicator, which reflects buying pressure, also showed an upward trend, indicating continuous fund inflows. Institutional fund inflows, especially through spot ETFs, are considered a key factor supporting the price bottom.

XRP broke through $1.45, showing a strong upward trend. Ripple raised market expectations by presenting a technical roadmap for XRP to achieve quantum resistance by 2028. Additionally, validators are voting on new lending protocol updates, accelerating the expansion of the decentralized finance ecosystem. On the chart, a breakthrough of the falling wedge pattern's upper bound is suggested, with further upside potential up to $1.82 in the short term.

The virtual asset market is strengthening its upward momentum as Trump's diplomatic decisions and technical rebound signals align. However, uncertainties such as the possibility of a Strait of Hormuz blockade and Iran's declaration of non-participation in talks still remain. Nevertheless, with continuous institutional fund inflows absorbing market volatility, investors' attention is focused on whether Bitcoin will continue its upward trend.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*