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Is Bitcoin set for a short squeeze? Analyst points to Binance data

  • Bitcoin has spiked to above $95k, hitting a two month high.
  • Cryptocurrencies are up as stocks rise.
  • CryptoQuant says the benchmark cryptocurrency could see a short squeeze.

Bitcoin price spiked to above $95k on Friday, hitting a two-month high as cryptocurrencies rallied alongside stocks on fresh sentiment around tariffs.

While the BTC price still awaits a retest of $100k, a CryptoQuant analyst says the benchmark cryptocurrency could be poised for a short squeeze.

The move above $92k could be crucial, the analysts said as they pointed to BTC data on Binance.

Why this matters

A short squeeze occurs when a sharp price increase forces short sellers to close their positions, driving further buying and amplifying the rally.

“Bitcoin has just surged above $95K for the first time in 2 months, leaving bearish traders kicking themselves for selling on tariff fears,” analysts at Santiment wrote.

With high-leverage longs already cleared out and short positions stacked above $92,000, Bitcoin is primed for a potential squeeze if it sustains strength above this critical level.

However, if Bitcoin fails to hold $92,000, it could face a correction toward $88,500 or lower, as bearish momentum could take over.

Binance data highlights thinner liquidity above current price levels, meaning there are fewer sell orders to absorb buying pressure.

If Bitcoin breaks above $92,000, the lack of resistance could amplify upward moves, especially if short liquidations add fuel to the rally.

This aligns with the potential for a squeeze, as thin liquidity zones often lead to exaggerated price movements.

Crypto, stocks rally

The heatmap indicates a notable concentration of short positions near the $100,000 level, highlighting a possible short squeeze scenario.

The psychological threshold remains a key target for bullish momentum.

In addition to gains across broader risk assets amid easing US-China trade tensions, other factors may also be influencing Bitcoin’s price movement.

ETF flows, the Federal Reserve’s policy shifts, with Trump saying he will not fire Jerome Powell, are also major points.

“It blows my mind that sophisticated investors really thought it was a good idea to sell American stocks and bitcoin because the President of the United States was implementing pro-America economic policies. Stocks and bitcoin both up since the close of Liberation Day,” Anthony Pompliano said.

However, IntotheBlock data shows over 94% of Bitcoin holders are in profit at current price levels.

If prices surge further, one likelihood would be for some profit taking to kick in, potentially stalling bulls in the short term.

The post Is Bitcoin set for a short squeeze? Analyst points to Binance data appeared first on CoinJournal.

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Ronin Bridge migrates to Chainlink cross-chain interoperability protocol

  • Ronin Bridge has migrated to Chainlink CCIP as its official cross-chain provider.
  • The Chainlink CCIP now secures over $450 million in bridged assets for Ronin.
  • Ronin developers and users will benefit from faster, more secure token transfers.

The Ronin Network has successfully completed the migration of its legacy Ronin Bridge to Chainlink’s Cross-Chain Interoperability Protocol (CCIP), marking a significant milestone in the blockchain’s evolution and its commitment to secure, seamless asset transfers across chains.

The migration formalizes Chainlink CCIP as Ronin’s canonical cross-chain infrastructure provider, a decision that follows an October 2024 validator community vote in which Ronin stakeholders opted for Chainlink over competing solutions from LayerZero and Axelar.

Enhanced security and infrastructure

Trung Nguyen, the chief executive officer and co-founder of Sky Mavis which created the Ronin Network to support its popular Axie Infinity game ecosystem, described the migration as a major unlock for Ronin’s scalability and security.

By integrating Chainlink CCIP, Ronin now leverages a robust, protocol-agnostic interoperability framework that helps safeguard more than $450 million worth of assets currently bridged to the gaming-focused blockchain, addressing security concerns raised by the 2022 exploit that resulted in over $600 million lost.

Developers building games and decentralized applications on Ronin will benefit from streamlined access to a secure, high-throughput bridging solution, while users can now transfer tokens such as AXS, YGG, BANANA, USDC, and Wrapped Bitcoin with greater confidence and reduced friction.

However, the deprecated Ronin Bridge tab remains visible on Ethereum to accommodate pending withdrawal requests from users yet to claim stranded tokens on Ethereum after the platform paused the legacy bridge amid suspicious withdrawals nearing 10 million in August 2024.

Sky Mavis has encouraged completion of these withdrawals before fully deprecating the old interface.

Driving DeFi adoption

Beyond security, the CCIP integration paves the way for enhanced decentralised finance (DeFi) activity on Ronin by tapping into Chainlink’s broader suite of oracle and interoperability services, an initiative that aligns with Ronin’s vision to become the most accessible consumer chain in the Web3 gaming ecosystem.

Chainlink’s growing ecosystem of bridges, oracles, and staking services offers Ronin a robust security framework and Sky Mavis plans to tap additional Chainlink solutions to improve user experience and drive broader adoption.

As Ronin scales to support the next generation of games and applications, the successful migration to Chainlink CCIP underscores a broader industry trend toward standardized interoperability solutions and highlights the importance of transparent, community-driven governance in fostering innovation.

The post Ronin Bridge migrates to Chainlink cross-chain interoperability protocol appeared first on CoinJournal.

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Dogwifhat (WIF) price jumps 60% as meme coin market rebounds, but pullback signs appear

  • Dogwifhat (WIF) has surged 60% in a week and 21% in 24 hours.
  • Derivatives volume has soared to $1.06B, and the open interest has risen to $301M.
  • The 14-day RSI is above 72, indicating overbought conditions.

Dogwifhat (WIF) rose sharply, gaining 60% over the past week and 21% in the last 24 hours, reflecting heightened volatility in the memecoin space.

The gains outpaced broader movements in the sector, where the total memecoin market cap increased 3.4% in the past day to $59.9 billion.

The rebound comes amid increased investor interest and a shift in risk sentiment across the crypto market.

Besides Dogwifhat, other leading meme tokens like Pudgy Penguins (PENGU), Official Trump (TRUMP), and ai16z (AI16Z) have each posted double-digit gains, further stoking enthusiasm among traders and speculators.

Increased market activity

Derivatives activity has heated up, with the open interest surging by roughly 30% to $301 million while aggregated trading volume topped $1.06 billion, according to Coinglass data.

On spot markets, WIF’s 24-hour trading volume has swelled to $383 million, reflecting the rally’s broad-based appeal among Solana-based memecoins on both decentralized and centralized exchanges.

Much of the recent strength has been driven by whale accumulation, with significant buy orders lifting prices off prior support levels and signaling confidence among larger holders.

Dogwifhat RSI enters overbought region

From a chart standpoint, WIF has cleared resistance around $0.58, placing the next significant hurdle at $0.769, which will test the conviction of buyers eyeing further gains.

On the downside, the critical support level lies at $0.334, a floor that must hold to prevent a steeper decline, as a breach there could trigger a sharp decline.

However, technical indicators now warn that momentum may be peaking, as the 14-day Relative Strength Index (RSI) reading on the daily chart has spiked above 72, squarely in overbought territory.

Dogwifhat price chart

Breaches into overbought territory typically precede a cooldown.

That said, investors should keep an eye on the support at $0.334, which, if breached, could spell doom for the meme coin.

Nevertheless, market sentiment remains broadly bullish, though the confluence of stretched technicals, elevated leverage, and robust volume underscores the need for prudent risk management.

Longer-term investors point to WIF’s still-modest market cap of $643 million as evidence that significant upside could materialize if the meme coin rally retains momentum.

Analysts note that WIF’s outperformance relative to benchmarks like Bitcoin (BTC) and Ethereum (ETH) underscores its appeal as a high-beta play within the crypto ecosystem.

As the dust settles, participants will be watching volume profiles, funding rates, and social engagement metrics to gauge whether the current rally can hold or if deeper profit-taking is on the horizon.

The post Dogwifhat (WIF) price jumps 60% as meme coin market rebounds, but pullback signs appear appeared first on CoinJournal.

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Dogecoin price prediction: meme coin surges 6% as bulls eye $0.20 breakout

  • The meme coin segment’s market cap grew 8.60% to $56.47 billion.
  • Coinglass data shows 63.66% of Dogecoin derivatives traders are holding long positions.
  • Fibonacci levels highlight $0.2131 as the next major target after $0.20.

Dogecoin is once again capturing market attention as Bitcoin maintains its stronghold above $93,000.

Over the last 24 hours, the meme coin segment has experienced a sharp 8.60% increase in total market capitalisation, reaching $56.47 billion.

Leading the charge, Dogecoin’s value rose by 4.30%, lifting its market cap to $27.o3 billion.

With DOGE now hovering around $0.18, traders are closely watching for a decisive move past the psychological $0.20 barrier.

Source: CoinMarketCap

As bullish momentum builds, questions arise about whether Dogecoin is preparing for a sustained breakout or even a potential doubling in value.

Dogecoin price breaks wedge pattern as bulls regain control

On the daily chart, Dogecoin’s price shows a clean bullish breakout from a falling wedge formation.

This key technical move materialised with a strong 12% surge on 22 April, resulting in a bullish engulfing candle.

The rally has helped DOGE push above the 50-day exponential moving average (EMA) and the 23.60% Fibonacci retracement level at $0.1820.

As bullish candles continue to form, the breakout hints at the beginning of a trend reversal.

At present, Dogecoin is grappling to hold its ground above the 23.60% Fibonacci mark.

Meanwhile, momentum indicators such as the moving average convergence divergence (MACD) show positive developments.

The MACD and signal lines are nearing entry into positive territory, accompanied by newly emerging positive histograms.

With price action clearing the 50-day EMA, the next dynamic resistance sits near the $0.20 psychological level and the 100-day EMA.

Should Dogecoin’s momentum persist, Fibonacci projections suggest the next immediate target lies at $0.2131, aligning with the 38.20% retracement level.

Derivatives data show rising bullish sentiment for Dogecoin

As Dogecoin’s price inches higher, bullish sentiment across the derivatives market is gathering steam.

According to data from Coinglass, long positions in Dogecoin derivatives have significantly increased over the past few hours.

The long-to-short ratio now stands at 1.7518, with approximately 63.66% of traders taking long positions.

This notable rise indicates growing optimism about an extended rally and adds further strength to the ongoing recovery narrative.

The shift in derivatives positioning suggests that market participants are preparing for a continuation of the bullish breakout, particularly if Dogecoin can successfully secure a close above the $0.20 mark.

Analyst identifies potential 600% rally if trendline holds

Adding to the bullish outlook, popular crypto analyst Trader Tardigrade has presented a striking Dogecoin price prediction.

According to the analyst’s recent technical chart, a long-standing support trendline has historically fuelled rallies of 200% and 400% in Dogecoin’s price.

Building on this pattern, the analyst forecasts the possibility of a 600% surge if the trendline holds. Such a move would place Dogecoin’s price near $0.93.

Although this scenario paints a highly optimistic picture, the historical success of the trendline offers some basis for the bullish projection.

Nevertheless, broader market conditions, Bitcoin’s stability, and retail enthusiasm are likely to play critical roles in determining whether Dogecoin can achieve such ambitious price targets in the coming months.

The post Dogecoin price prediction: meme coin surges 6% as bulls eye $0.20 breakout appeared first on CoinJournal.

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Bitcoin ETF inflows hit $442M as Bitcoin price nears $100K target

  • BlackRock’s iShares Bitcoin Trust (IBIT) dominated the latest wave of inflows, securing $327.3 million.
  • 87.3% of Bitcoin’s supply is now profitable, up from 82.7% in March.
  • On-chain data suggests accumulation is rising amid retail FOMO signals.

Bitcoin exchange-traded funds (ETFs) in the United States attracted $442 million in net inflows on Thursday, marking the fifth straight day of gains.

Although the figure was smaller than the previous days’ numbers, the sustained momentum points to strengthening institutional confidence in Bitcoin amid volatile global economic conditions.

As Bitcoin holds firm at $94,000, investor optimism continues to rise, with renewed calls for a $100,000 target gaining traction across markets.

At the same time, on-chain data reveals a critical shift in Bitcoin’s profitability metrics, highlighting increased accumulation.

BlackRock’s IBIT leads Bitcoin ETF inflows with $327M

BlackRock’s iShares Bitcoin Trust (IBIT) dominated the latest wave of inflows, securing $327.3 million according to SoSoValue data.

Ark Invest and 21Shares’ ARKB followed with $97 million, while Bitwise’s BITB and Invesco’s BTCO gathered $10.2 million and $7.5 million, respectively.

Although Thursday’s inflow was lower compared to the $916.9 million and $936.4 million seen earlier in the week, the persistence of demand signals rising institutional interest.

Overall trading volumes across the 12 US-listed Bitcoin ETFs fell to $2 billion on Thursday, dropping from $4 billion the previous day.

Nevertheless, the broader trend shows an increasing appetite for crypto investment vehicles, particularly as macroeconomic tensions remain elevated.

Thursday’s ETF performance came alongside a positive session in US stock markets.

The Nasdaq climbed 2.7%, the S&P 500 rose 2%, and the Dow gained 1.2%, fuelled by signs of easing US-China trade tensions.

Bitcoin continued to demonstrate resilience in parallel with these broader moves, trading at $94,552 at press time, according to CoinMarketCap.

Ether also saw modest gains, edging up 0.43% to $1,778.

Bitcoin accumulation rises as supply profitability surges

Data from Glassnode shows that 87.3% of Bitcoin’s circulating supply is now in profit, up from 82.7% during the last time BTC neared $94,000 in March.

The increase reflects renewed buying activity during recent price pullbacks, suggesting that investors took advantage of market dips to strengthen their positions.

Historical patterns indicate that when over 90% of the Bitcoin supply remains profitable, market dynamics often enter a euphoric phase, which can trigger steep price rallies.

This behaviour aligns with past cycles, where profitability-driven sentiment contributed to major tops and local peaks.

Meanwhile, spot Ether ETFs also showed recovery signs, registering $63.5 million in net inflows on Thursday after $23.9 million in outflows the previous day, according to the latest available data.

This uptick mirrors broader optimism across the crypto sector, driven by both market structure and macroeconomic catalysts.

FOMO among small investors hints at volatility risks

On-chain analytics firm Santiment observed a notable rise in fear of missing out (FOMO) among smaller Bitcoin holders as prices approached $94,000.

Historically, increased FOMO among retail traders often accompanies local market tops, adding a layer of caution to short-term projections.

Despite this risk, the longer-term outlook remains supported by fundamentals.

Santiment indicated that while Bitcoin may indeed touch $100,000 soon, significant milestones typically follow periods of cooling off rather than immediate hype-driven surges.

Supporting this view, Prince Filip Karađorđević of Serbia shared his bullish stance in a recent interview, suggesting an imminent “omega candle” breakout that could drive Bitcoin well beyond $100,000.

He argued that while market forces may currently suppress Bitcoin’s upward move, a breakout appears inevitable.

The post Bitcoin ETF inflows hit $442M as Bitcoin price nears $100K target appeared first on CoinJournal.