Here’s Why the Crypto Market Is Up Today

The crypto market is higher today, with the total market size rising by some 3.3% over the past 24 hours to reach $2.93 trillion on April 23. This is driven by the two largest cryptocurrencies, with Bitcoin rising by some 3.8% and Ethereum rising by a steeper 8.5%.

Crypto market pumps as BTC breakout is confirmed

Bitcoin price returned to $94,000, a price not seen since the beginning of March of 2025. This technical break above a significant psychological barrier has assisted in developing solid market resilience. Altcoins also followed and gained a couple of percentage points in the last 24 hours.

Analyst Rekt Capital notes that recent price action is a clean breakout of the pattern that has limited Bitcoin’s movements for weeks. Following several tests of lower levels of support in the past few days, buyers have stepped in with sufficient strength to drive prices higher. Trading volume has also increased by 34% in this reversal and has provided more evidence that the breakout is genuine.

#BTC

Breakout confirmed

The Downtrend is over$BTC #Crypto #Bitcoin https://t.co/pO2zzS12F7 pic.twitter.com/UXIDLp2ajj

— Rekt Capital (@rektcapital) April 22, 2025

The crypto market is showing promising technical signals as the total altcoin market capitalization (TOTAL3) validates a falling wedge pattern. This bullish reversal pattern is evident on the chart, with price breaking above the upper trendline resistance after a period of compressed trading within the wedge.

The pattern displays a sequence of convergent lower highs and lows, followed by an upward breakout. Usually, this technical pattern marks the conclusion of a downward trend and the start of an upward one.

#TOTAL3 $ALTS

This market looks ready pic.twitter.com/II7OKaMQw1

— Trading Tank (@TheTradingTank) April 23, 2025

Biggest short liquidations this year

A primary driver behind today’s strong market performance is an extensive wave of short position liquidations. According to data from CoinGlass, over $618.29 million in crypto positions have been liquidated in the past 24 hours. As per the data, $545 million, or nearly 88% of the total, is coming from short positions being forcibly closed.

Short squeeze！

The biggest short liquidation so far this year.

Total liquidation in the past 24 hours: $618.29 millionhttps://t.co/C47AgBCcTk pic.twitter.com/lPtgOV91bH

— CoinGlass (@coinglass_com) April 22, 2025

This liquidation event is the largest short squeeze of 2025 so far and has triggered an upward price cycle. When traders with short positions are liquidated, their positions are automatically closed through buying activity. This once more drives prices higher and can result in additional liquidations.

The liquidation chart shows big spikes in closing short positions that take place with price increases. Today’s event is the same magnitude as the one on November 6. On that day, over $426 million in leveraged short positions was lost, which helped raise the overall crypto market value by 16%.

Bitcoin has been at the center of this short squeeze, as its move above $94,000 caught many bearish traders by surprise. The move comes after BTC climbed to a two-week high of $91k yesterday.

The overall market greenery has also erased the fear in the market. As per CMC data, the Crypto Fear and Greed Index went from 38-Fear yesterday to 52-Neutral today.

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