BTC/USD consolidates under yearly open, eyes dip to $87K–$90K before next leg up
Summary
Bitcoin (BTC/USD) on April 24 consolidated just below its yearly open near $93,500, holding six-week highs amid lingering US–China trade war concerns . Equities rallied—S&P 500 climbed over +1% despite “no news,” suggesting markets may be front-running a bullish catalyst . Crypto analysts like Michaël van de Poppe call a slight pullback “fairly normal” after a massive breakout, anticipating buyers to defend support and press toward a new all-time high (ATH) . Others forecast a retest of $92,000 and even $87,000 liquidity pools before sustained upside resumes . Liquidation heatmaps reveal a dense cluster of leveraged shorts around $93,600, setting the stage for a potential short squeeze if BTC can breach resistance above $93K–$94K .
BTC/USD reclaimed its six-week highs but stalled just under its yearly open (~$93,500) on April 24, consolidating gains from a recent rally .
Data from Yahoo Finance shows Bitcoin trading in the $92,000–$94,000 range—its strongest levels since early March .
“The market is now up over +1% on the day on no news at all,” noted The Kobeissi Letter, which highlighted that headline-driven volatility has shifted to equities .
“Fairly normal to have a slight correction here on Bitcoin as it's just had a massive breakout,” tweeted crypto analyst Michaël van de Poppe, predicting buyers will step in and drive BTC toward a new ATH .
“A dip to 88k would be lovely,” popular trader Inmortal quipped, suggesting a deeper support test may precede the next up-leg .
Rekt Capital observed that BTC’s weekly closes relative to $93,500 could mirror mid-2021 behavior—potentially dipping to the $87,000 EMA before resuming its breakout .
Bulls still have their eyes on the yearly open level just above $93,000; holding this zone could trigger a leveraged shorts flush if price presses higher .
Liquidation heatmaps show leveraged shorts clustering around $93,600–$94,500, creating fertile ground for a sharp short squeeze on a decisive break .
Meanwhile, CoinGlass data confirms the largest concentration of open-interest liquidations sits at ~$93,600, underscoring the stakes at this level .
Earlier in the session, a whale dubbed “Spoofy” dismantled a $90,000 ask-wall on major exchanges—removing a key barrier for bulls .
Prompts
🤔 Will you buy the dip near $92K, or wait for a breakout above $94K?
💬 Which price zone—$88K or $87K—do you think BTC will test first?
Educational Insights
Yearly Open: The price at which BTC began the calendar year; often acts as psychological support/resistance.
Liquidation Heatmap: A visual tool aggregating open-interest clusters to show where forced margin liquidations could occur.
Market Analysis
Bullish Case: A clean daily close above $94,000 would likely trigger a wave of short-covering, fueling a rapid ascent toward $100K.
Bearish Risk: Failure to reclaim $93,500–$94,000 on solid volume increases the odds of a retracement to $92,000 and possibly down to the $87,000–$88,000 areas.
Macro Factor: Ongoing US–China trade tensions continue to sway risk appetite, even as equities chew up headlines.
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