Bitcoin (BTC) has “annihilated” short sellers after a move to monthly highs that pushed crypto liquidations past $500 million.
Key points:
– Bitcoin bears suffered as BTC reached about $74,000.
– Analysis expects more liquidations, including longs, with a possible dip below $70,000 to test support.
– Bitcoin inflows are mirroring a broad ETF rebound ongoing through 2026.
BTC price analysis: “Bulls just took back control”
Pseudonymous analyst CryptoReviewing, cofounder of trading community Wealth Capital, says the market scenario has shifted after recent price action. In the past days, BTC swings wiped out both long and short positions worth hundreds of millions, but the $74,000 move hit shorts hardest. CoinGlass order-book data shows price slicing through liquidation walls, with Wednesday’s total for Bitcoin and altcoins nearing $600 million—more short liquidations than any day since Feb. 25.
CryptoReviewing noted a large liquidity zone at $73,000–$75,000 that could be swept, potentially pushing prices higher. However, he added that the $65,000–$71,000 area has roughly four times more liquidity built up, making it the more likely zone to be visited next from a liquidity perspective. “Bulls just took back control,” he summarized.
Keith Alan, cofounder of Material Indicators, also expects a support test as part of a healthy consolidation for a durable trend change. He warned, though, that long-term bearish signals remain and that the current setup could precede Bitcoin’s “next leg down,” meaning a pullback shouldn’t be ruled out.
Bitcoin ETFs in focus amid “historic acceleration”
Price gains have accompanied renewed institutional interest. US spot Bitcoin ETFs recorded nearly $500 million in net inflows on Wednesday. Farside Investors data shows ETF inflows have been net positive on all but one trading day since Feb. 24, and ETF inflows in March have exceeded $1.1 billion.
The Kobeissi Letter highlighted that US-listed ETFs broadly have pulled in about $380 billion so far in 2026, an approximate 80% increase versus the first two months of 2025, calling it a “historic acceleration in investor demand.” This surge in ETF flows has contributed to the recent price strength and renewed institutional participation.
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