Crypto markets have faced a wave of liquidations over the past 24 hours, with total losses reaching $635.9 million, according to market data. Most of the liquidations (over $560 million) came from short positions, signaling growing pressure on bearish traders.

Bitcoin (BTC) led the liquidation charts, with $293 million in short positions wiped out as BTC surged past $94,000, marking a 6.29% gain within one day, according to CoinGlass data.

Ether (ETH) followed, with over $109 million in short liquidations as its price climbed nearly 10% to $1,787.

Data from exchanges showed Binance accounted for the largest share of liquidations at $18.7 million in the last four hours, with 78% of that targeting short positions. Bybit and OKX also saw significant liquidation volumes, reflecting widespread volatility across major platforms.

Crypto market sees a wave of liquidations. Source: CoinGlass

Related: Bitcoin breaks downtrend with spike toward $92.6K, but who’s behind the price momentum?

Trader says Bitcoin liquidity building around $100,000 level

Amid the market turbulence, crypto analyst Mister Crypto noted that liquidity is “piling up around $100,000” for Bitcoin.

In a recent post on X, he warned that bears are showing signs of desperation, suggesting a potential short squeeze could drive BTC closer to the six-figure mark.

A short squeeze occurs when a rapid price increase forces traders betting against the market to cover their positions, fueling further upward momentum.

Mister Crypto also shared a Binance BTC/USDT Liquidation Heatmap, showing that a large amount of Bitcoin trading activity and liquidation orders are building up around the $100,000 level, meaning many traders have set positions that could be triggered if the price reaches that point.

Source: Mister Crypto

Bitcoin surged to a 45-day high above $94,000 on April 23. The leading cryptocurrency was trading at $94,236, up by more than 6% over the past day, at the time of writing, according to data from CoinMarketCap.

Related: Bitcoin price prepares for ‘70% to 80%’ gain as onchain metrics and spot BTC ETF inflows spike

Not everyone believes Bitcoin will hit $100,000 soon

However, not everyone is optimistic about an imminent Bitcoin surge to $100,000.

“Bitcoin’s climb to $94K reflects renewed global optimism, but its path to $100K remains uncertain,” Vincent Liu, chief investment officer at Kronos Research, told Cointelegraph.

He said the outcome of the May 6 Federal Open Market Committee (FOMC) meeting, ongoing trade negotiations with India and China, and broader macro conditions will be critical. He added:

“Cleared tariffs and potential Fed rate cuts could ignite further momentum, while rate hikes or unresolved tensions may keep BTC range-bound. US monetary policy will be pivotal in determining if Bitcoin reaches this milestone.”

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