Bitcoin’s Next Big Move: $87K Dip or a ‘Short Squeeze’ Drama?

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Key Points:

  • Bitcoin is gearing up for a face-off with leveraged shorts, just above its yearly open price. Things could get spicy.

  • The magic number? $93,500. That’s where traders are praying BTC/USD locks in its latest breakout. Or do they?

  • Brace for impact—$87,000 could be the next stop. Who needs a roller coaster when you have Bitcoin?

Bitcoin (BTC) is taking a breather below a key resistance target on April 24, as market predictions have $90,000 looking more like a distant dream. Or a nightmare. Depends on how you view it.

Analyst: BTC Price Correction? Just Another Tuesday

CryptoMoon Markets Pro and TradingView both reported BTC/USD testing $92,000 as support overnight. Apparently, Bitcoin didn’t get the memo that the world’s financial markets are still throwing tantrums over trade wars.

“The market’s up +1% today. No news. Just vibes,” summed up The Kobeissi Letter, throwing a shade-filled glance at the S&P 500. It’s almost as if the market’s running on nothing but hopes and dreams.

“As we’ve seen so many times this year, someone’s obviously front-running something. Probably a bullish announcement soon. Or maybe just more waiting.”

Meanwhile, Bitcoin continues to ignore world events, letting equities lose their minds while gold desperately tries to recover from its crash earlier in the week.

“A minor correction on Bitcoin? Pretty much normal after a huge breakout,” said crypto analyst Michaël van de Poppe, offering solace to anyone clutching their wallets. “Buyers will step in, and we’ll be back on the road to a new ATH. Probably.”

“Buyers are likely going to step in, and then we’ll keep heading toward that shiny new ATH.”

Other voices are entertaining the idea of a deeper dip. The $90,000 dream could fade faster than you can say “cryptocurrency volatility.”

“A dip to $88K? Yeah, that would be quite nice,” said popular trader Inmortal. Well, wouldn’t we all love a little more pain before the fun begins?

“A dip to $88k would be lovely.

If the market gives it, I’ll probably play one of these two setups, or both. #BTC”

— Inmortal (@inmortalcrypto) April 24, 2025

Rekt Capital, ever the pessimist, agreed. He thinks a dip down to $87,000 isn’t just a fantasy but a repeat of BTC’s glorious 2021 bull market days. Ah, memories.

“Bitcoin’s price is echoing the mid-2021 market moves. A dip to $87,000 might be exactly what it needs for a post-breakout retest,” he noted, adding that it all depends on how BTC closes above $93,500. So, no pressure, right?

“Depends on how BTC Weekly Closes relative to $93,500.”

Bitcoin Bulls Dream of a ‘Short Squeeze’ Catastrophe

The real target for Bitcoin bulls? The yearly open level, just above $93,000. So close, yet so far away. This level is holding firm as resistance, taunting traders as if Bitcoin knows it’s the chosen one.

Should the price make a move, expect a “short squeeze” so intense, it might just make your wallet feel lighter. At least there’s a chance for some liquidation drama along the way.

$BTC Liquidation heatmap shows that liquidity is building up on both sides.
Leveraged longs are clustered around $91,400.
Leveraged shorts are chilling around $93,500-$94,500.

— chad. (@chad_ventures) April 24, 2025

According to CoinGlass, the largest concentration of liquidation leverage is centered around $93,600. So, there’s a 50/50 chance for chaos. Spoofy the Whale—whoever that is—also just removed a wall of asks at $90,000. Not suspicious at all.

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2025-04-24 18:39