Bitcoin Just Hit A 10-Week High And Nearly $600 Million In Short Bets Went Up In Smoke

By Jack • April 18, 2026 12:20 pm • Comments

Bitcoin bears just had the worst day of 2026.

After 46 straight days of negative funding rates, the longest such streak since FTX collapsed in late 2022, Bitcoin finally snapped higher and took a massive chunk of short sellers with it. BTC surged past $78,000 for the first time in nearly three months, and the fallout for anyone betting against it was severe.

The total damage? Roughly $762 million in crypto liquidations across 164,835 traders, with a staggering $585 million of that coming from short positions. That means nearly four short sellers were wiped out for every one long. This was not just a rally. It was a reckoning.

Trending: Ready Pulls Its USDC Card Outside the EEA With One Hour’s Notice

Bitcoin Magazine captured the moment it happened:

The catalyst was geopolitical. Iran declared the Strait of Hormuz fully open, oil futures dropped nearly 10%, and risk assets caught a massive bid. Bitcoin broke through the $76,000 to $78,000 resistance zone that had capped every rally attempt since February’s crash from $128,000.

But the real story is what had been building underneath for weeks. For 46 consecutive days, funding rates on Bitcoin perpetual futures had been negative. That means short sellers were paying a premium to hold their bearish positions, day after day after day. K33 head of research Vetle Lunde warned beforehand that “traders are actively building short positions and betting against a breakout, creating conditions where a short squeeze becomes more likely if upward momentum persists.”

That warning turned out to be prophetic.

Benzinga broke down the broader setup behind the squeeze:

Bitcoin is up 5% after breaking above the descending trendline that defined the entire bear trend from $128,000, setting up short-squeeze conditions. The 30-day average bitcoin derivatives funding rate had been negative for 46 consecutive days, matching the duration of the negative funding regime seen around the late 2022 bear market bottom.

U.S.-listed Bitcoin ETFs absorbed $800-plus million over the past week, while Strategy Inc. made $2.6 billion in Bitcoin purchases over two weeks. Kaiko research analyst Laurens Fraussen noted that “a break above $76,000 could see BTC extend toward $85,000.”

What makes this even more interesting is the sentiment picture. Even with Bitcoin sitting at a 10-week high, the crowd still is not buying it. Santiment flagged the disconnect:

Three bearish comments for every two bullish ones, even after a 14% climb from April lows. That kind of persistent fear in the face of rising prices has historically been fuel for continuation. When the crowd refuses to believe, the squeeze has room to run.

Cryptopolitan added more detail on just how lopsided the destruction was:

Total liquidations hit $747.81 million in 24 hours. Short liquidations accounted for $585 million, or 78% of the total. Bitcoin alone saw $378 million in liquidations, with 91% of those on the short side. The largest single liquidation was a $15.75 million BTC/USD position on Hyperliquid.

The global crypto market cap rose to $2.61 trillion, up 3%, with 24-hour trading volume surging to $172 billion. Ethereum also rallied to $2,420, with $142 million in ETH shorts liquidated alongside Bitcoin’s carnage.

The $76,000 to $78,000 zone has been the ceiling since February. If Bitcoin can hold above it, analysts say the next leg toward $85,000 to $90,000 could come fast. And with bears still piling in despite the damage already done, there is plenty of fuel left in the tank.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

 

Search ProCoinNews