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Bitcoin rose to $78,000 on Wednesday, triggering $418 million in liquidations over the prior 24 hours, according to market data cited in the report. Shorts accounted for $254 million of the total, as the broader crypto market extended gains in April.
Altcoins posted gains alongside Bitcoin as prices held near $78,000. Over the past 24 hours, Pudgy Penguins meme coin PENGU rose 12.6%, while Cosmos (ATOM), Aptos, and Bitcoin Cash each gained more than 5%, the article said.
Bitcoin was up nearly 2% over the same period, with CoinGecko data cited. Analysts noted that if bullish momentum continues, Bitcoin could revisit $80,000 for the first time in more than two and a half months.
Anchored Finance founder Wenny Cai said the move reflects both “early rotation” and “mechanically driven upside.” He described capital moving along the risk curve into higher-beta assets and select narratives as Bitcoin consolidated, adding that the speed of the move suggests short covering and leverage were amplifying gains.
CoinGlass data cited in the article indicated that nearly $418 million in leveraged positions were wiped out, with more than $286 million attributed to bears or short sellers.
Investor sentiment has turned more bullish. On prediction market Myriad, users assigned a 75% chance that Bitcoin will retest $84,000 next. The article said those odds increased from roughly 45% on April 1, reflecting rising optimism during the ongoing uptrend.
At the same time, Myriad users were more cautious on altcoins, assigning a 22% chance that an “altseason” begins before July.
Despite the bullish tone, the article said the outlook remains uncertain. A Schwab strategist identified $83,000 as a key resistance level, described as the average cost basis of Bitcoin ETP investors, based on a prior report.
Above that, the next level highlighted was $87,000, identified as the 200-day simple moving average. The article noted that a breakout above this level typically signals a shift in the long-term trend in favor of bulls.
Chainway Labs co-founder and CEO Orkun Kilic said the $83,000 benchmark matters because a large cohort of spot ETP buyers is positioned near breakeven, and reclaiming it would be both financially and psychologically significant for relatively recent institutional capital.
Cai warned that altcoins could become fragile if Bitcoin fails to clear the ETP cost basis. He said much of the rally depends on Bitcoin stability rather than broad strength, and that a rejection near these levels could tighten liquidity across the market.
Because altcoins are higher beta, he added, they would likely be hit more sharply. Cai also advised investors to watch for assets whose gains have outpaced fundamentals, noting that such tokens could trigger a fast unwind of leveraged positions.
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