{"id":36812,"date":"2025-05-09T09:01:32","date_gmt":"2025-05-09T09:01:32","guid":{"rendered":"https:\/\/coincentral.com\/?p=36812"},"modified":"2025-05-09T09:01:32","modified_gmt":"2025-05-09T09:01:32","slug":"why-is-bitcoin-up-today-btc-smashes-through-100k-ceiling-as-bears-face-400m-wipeout","status":"publish","type":"post","link":"https:\/\/coincentral.com\/why-is-bitcoin-up-today-btc-smashes-through-100k-ceiling-as-bears-face-400m-wipeout\/","title":{"rendered":"Why is Bitcoin Up Today? BTC Smashes Through $100k Ceiling as Bears Face $400M Wipeout"},"content":{"rendered":"<h2>TLDR<\/h2>\n<ul>\n<li>Bitcoin price surged to nearly $104,000, reaching a three-month high<\/li>\n<li>The rally followed Trump&#8217;s UK trade deal announcement and hints at potential China tariff reductions<\/li>\n<li>Almost $400 million in bearish BTC short positions were liquidated during the price surge<\/li>\n<li>Spot Bitcoin ETFs have now received over $40 billion in total inflows<\/li>\n<li>Ethereum also rallied strongly, up 16.5% following its Pectra upgrade activation<\/li>\n<\/ul>\n<hr \/>\n<p>Bitcoin extended its rally on Friday, <a href=\"https:\/\/moneycheck.com\/bitcoin-btc-price-breaking-100k-barrier-again-as-analysts-eye-160k-target\/\">pushing past the $100,000 mark<\/a> to reach nearly $104,000. This price movement comes amid improved market sentiment following trade announcements from US President Donald Trump.<\/p>\n<p>The world&#8217;s largest cryptocurrency reached $103,885.4, its highest level in three months. It rose 4.1% to $102,762.8 by 01:30 ET (05:30 GMT).<\/p>\n<p>Bitcoin is now positioned for its third straight week of gains, continuing a rally that began in late April. This recent price surge has been well-timed with the overall improvement in risk appetite across markets.<\/p>\n<p>President Trump&#8217;s announcement of a trade deal with the UK served as a catalyst for the latest price movement. While the economic impact of the UK deal may be limited, Trump&#8217;s comments about potentially lowering tariffs on China boosted market sentiment.<\/p>\n<p>The positive outlook was further enhanced by Commerce Secretary Howard Lutnick&#8217;s statement that the US plans to announce dozens of trade deals in the coming month.<\/p>\n<figure id=\"attachment_36814\" aria-describedby=\"caption-attachment-36814\" style=\"width: 1032px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-36814\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2025\/05\/btc-price-1.webp\" alt=\"Bitcoin (BTC) Price\" width=\"1032\" height=\"719\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2025\/05\/btc-price-1.webp 1032w, https:\/\/coincentral.com\/wp-content\/uploads\/2025\/05\/btc-price-1-300x209.webp 300w, https:\/\/coincentral.com\/wp-content\/uploads\/2025\/05\/btc-price-1-121x84.webp 121w, https:\/\/coincentral.com\/wp-content\/uploads\/2025\/05\/btc-price-1-768x535.webp 768w, https:\/\/coincentral.com\/wp-content\/uploads\/2025\/05\/btc-price-1-50x35.webp 50w, https:\/\/coincentral.com\/wp-content\/uploads\/2025\/05\/btc-price-1-150x105.webp 150w, https:\/\/coincentral.com\/wp-content\/uploads\/2025\/05\/btc-price-1-450x314.webp 450w\" sizes=\"(max-width: 1032px) 100vw, 1032px\" \/><figcaption id=\"caption-attachment-36814\" class=\"wp-caption-text\"><a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\">Bitcoin (BTC) Price<\/a><\/figcaption><\/figure>\n<h2>Market Impact and Liquidations<\/h2>\n<p>The rapid price increase caught many traders off guard,<a href=\"https:\/\/www.coindesk.com\/markets\/2025\/05\/09\/bitcoin-s-price-surge-to-usd104k-liquidates-nearly-usd400m-in-bearish-btc-bets-opening-doors-to-further-gains\"> particularly those holding bearish positions.<\/a><\/p>\n<p>Nearly $400 million<a href=\"https:\/\/coincentral.com\/bitcoin-btc-casinos\/\"> in Bitcoin<\/a> short positions were liquidated in the past 24 hours\u2014the highest single-day total since at least November. This suggests that leverage was heavily weighted toward the bearish side.<\/p>\n<p>Only $22 million in long positions were wiped out during the same period, highlighting the significant imbalance in market positioning.<\/p>\n<p>The total market cap of all cryptocurrencies excluding Bitcoin surged by 10% to $1.14 trillion, reaching its highest level since March 6.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is set to continue its surge in the coming weeks \ud83d\udd25<\/p>\n<p>Previous breakouts of same kind have resulted in gains of 63% to 143% over 9-26 weeks.<\/p>\n<p>How high do you think this <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> surge will go? <a href=\"https:\/\/t.co\/uQlmEnjYX1\">pic.twitter.com\/uQlmEnjYX1<\/a><\/p>\n<p>&mdash; Trader Tardigrade (@TATrader_Alan) <a href=\"https:\/\/twitter.com\/TATrader_Alan\/status\/1920479319169912906?ref_src=twsrc%5Etfw\">May 8, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>ETF Milestone and Wider Market Effects<\/h2>\n<p>Bitcoin&#8217;s rally coincided with a major milestone for spot Bitcoin ETFs, which have now accumulated over $40 billion in total inflows.<\/p>\n<p>These investment vehicles, approved earlier this year, have provided institutional investors with regulated exposure to Bitcoin.<\/p>\n<p>Cryptocurrency exchange Coinbase reported its first-quarter earnings on Thursday, showing a drop in profit that missed analyst expectations. Despite this, the company&#8217;s transaction revenue rose 17.3%, indicating its core retail trading business remains strong.<\/p>\n<p>Coinbase also announced plans to acquire crypto derivatives platform Deribit for $2.9 billion in cash and equity.<\/p>\n<p>Ethereum, the second-largest cryptocurrency, outperformed the broader market with a 16.5% rally to $2,209.41. This surge followed the activation of Ethereum&#8217;s Pectra upgrade, its most significant overhaul since the Merge in 2022.<\/p>\n<p>Other altcoins also posted strong gains, tracking Bitcoin&#8217;s upward movement as risk appetite improved across the cryptocurrency sector.<\/p>\n<p>US officials are preparing to meet their Chinese counterparts in Switzerland this weekend, which could further impact market sentiment depending on the outcome of trade discussions.<\/p>\n<p>A New York Post report suggested that Trump could reduce his China tariffs to 50% from 145%, representing a major de-escalation in the ongoing trade tensions between the two countries.<\/p>\n<p>Bitcoin&#8217;s price now sits firmly above the coveted $100,000 level, a milestone that many cryptocurrency enthusiasts have anticipated for years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TLDR Bitcoin price surged to nearly $104,000, reaching a three-month high The rally followed Trump&#8217;s UK trade deal announcement and hints at potential China tariff reductions Almost $400 million in bearish BTC short positions were liquidated during the price surge Spot Bitcoin ETFs have now received over $40 billion in total inflows Ethereum also rallied<\/p>\n","protected":false},"author":9001,"featured_media":28222,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"iawp_total_views":167,"footnotes":""},"categories":[28150,28151],"tags":[],"class_list":{"0":"post-36812","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-analysis","8":"category-bitcoin"},"wppr_data":{"cwp_meta_box_check":"No"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why is Bitcoin Up Today? 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