Bitcoin rebounds as bulls eye $100K and bears scramble to cover short positions
Bitcoin (BTC) remained above $93,000 on April 24, indicating a potential end to a 52-day bear market that reached a low of $74,400. The long-to-short ratio for top traders on Binance is currently 1.5x, down from 2x, while OKX's ratio has decreased to 0.9x. A 10% rally from April 20 to April 24 coincided with US President Trump's softened stance on tariffs and his support for Federal Reserve Chair Powell. Deutsche Bank has cut its year-end S&P 500 target by 12% to 6,150, and the US dollar index has fallen below 99. Bitcoin's market cap is now $1.84 trillion. Over $390 million in leveraged short futures were liquidated between April 21 and April 22. If Bitcoin surpasses $95,000, an additional $700 million in short positions could be liquidated. A new venture, Twenty One Capital, aims to accumulate Bitcoin through convertible bonds and equity financing. The buying pressure appears to stem from spot markets, suggesting a potential sustainable bull run.
