Bitcoin Surges Past $79,000

Liquidation volume of short positions reached $375 million.

In the past 24 hours, the price of the leading cryptocurrency has risen by 4.7%. At the time of writing, the asset is trading at its highest level since the end of January — around $79,300. 

Ethereum has increased by 4.4% to $2400. BNB has gained nearly 2.9% (~$650), while Solana has risen by 2.7% (~$88). 

In the past day, the volume of liquidations in the crypto market reached $480.3 million. The majority — $375 million — was in short positions. 

The macroeconomic backdrop has also become favourable: the S&P 500 rose by 0.8%, and the Nasdaq gained 1.3%, reaching a record high. 

The growth followed a statement by US President Donald Trump. NYP reported, citing sources, that the head of the United States is ready to give Iran up to five days of truce to prepare for negotiations. The next meeting could take place on April 24. 

However, Tehran has not yet made a final decision, writes Tasnim. Uncertainty remains around the Middle East situation. The US maintains a blockade, and the Strait of Hormuz remains closed. 

A “Fragile” Situation 

QCP considers the bitcoin rally temporary and does not expect a trend change. According to analysts, risky assets “feel more confident” only due to the extension of the truce and the position of Federal Reserve chair candidate Kevin Warsh, who confirmed the full independence of the agency. 

Oil prices remain around $100: markets have shifted from shock risk to assessing resilience. This fuels inflation but simultaneously reduces real incomes and weakens consumption, restraining growth, experts noted.

“Negative funding rates indicate an increase in short positions. Such positioning makes the market tactically vulnerable to short squeezes, but does not indicate a decisive change in sentiment,” noted QCP. 

The options market also does not confirm a confident breakout. Short-term volatility remains low, and downside protection is still in demand.

Derivatives suggest consolidation rather than trend development — institutional players do not show decisive confidence, specialists concluded. 

A Crucial Level 

K33 also pointed to the growth of short positions, which increases the likelihood of a short squeeze. The head of research at the analytical company, Vetle Lunde, is more confident in the continuation of the rally of the leading cryptocurrency. 

Bitcoin prices and funding rates are diverging. While BTC trends higher, funding continues to fall, with 7-day rates on par with February lows alongside rising open interest. This setup increases the likelihood and potential magnitude of a short squeeze.https://t.co/a8zvNEgACj

— K33 Research (@K33Research) April 21, 2026

“We still see strong breakout potential for BTC, and concentrated short positions provide a good reserve of fuel for growth,” said Lunde.

However, the $79,000-80,000 zone creates an obstacle. It coincides with the realized price of short-term holders — this group of investors is most sensitive to volatility and is more likely to start selling as prices rise. 

CryptoQuant analyst Ignacio Moreno de Vicente also called the $80,000 level a “critical inflection point.” 

The $80K Liquidity Wall: Billions in Losses Are About to Make a Decision:

Bitcoin is approaching a critical inflection point where two of the most influential marginal buyer cohorts (ETF investors and short-term whales) are simultaneously testing their cost basis. pic.twitter.com/K03Jdb8Jdz

— I. Moreno 🍬 (@MorenoDV_) April 22, 2026

According to him, the realized price of short-term whales (holders from one to six months) is at $79,600. Since November 1, this group has been at a loss. The current unrealized loss is $4.3 billion (30-day average — $9.4 billion). 

“On January 15, when bitcoin approached $95,000, short-term whales who had recently returned to profit used this window to exit. […] For these investors, $80,000 is not just a round number, but a psychological and financial threshold between relief and continued losses,” explained Moreno de Vicente. 

Consolidating above $80,000 will turn resistance into support. A downward bounce will confirm that supply hangs overhead, and the downturn will extend into the second quarter, he warned. 

Back in April, MN Trading founder Michaël van de Poppe suggested that bitcoin could rise to $100,000 within 12 months.