Key points:
Bitcoin is setting up a showdown with leveraged shorts immediately above its yearly open price.
That key level near $93,500 is the main target for traders hoping that BTC/USD will cement its latest breakout.
The next support retest could involve $87,000, analysis suggests.
Bitcoin consolidated below a key resistance target on April 24 as a BTC price forecast brought sub-$90,000 levels into play.
Analyst: BTC price correction โfairly normalโ
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retesting $92,000 as support overnight.
The pair broadly maintained six-week highs while global markets remained at a loss over the trajectory of the ongoing US trade war.
โThe market is now up over +1% on the day on no news at all,โ trading resource The Kobeissi Letter summarized alongside a chart of the S&P 500 in part of its latest analysis on X.
โAs we have seen multiple times this year, it almost feels like someone is front-running something right now. We expect to see some sort of bullish announcement soon.โ
Bitcoin continued to brush off news events, leaving volatility to equities, while gold attempted to stabilize after slipping from record highs earlier in the week.
โFairly normal to have a slight correction here on Bitcoin as it's just had a massive breakout,โ crypto trader, analyst and entrepreneur Michaรซl van de Poppe told X followers on the day.
โBuyers likely going to step in and then we'll be continuing our path towards a new ATH.โ
Others increasingly entertained the idea of a deeper correction following brisk gains for BTC/USD, potentially taking the market back below the $90,000 mark.
โA dip to 88k would be lovely,โ popular trader Inmortal argued.
A dip to 88k would be lovely.
โ Inmortal (@inmortalcrypto) April 24, 2025
If the market gives it, I will probably play one of these two setups, or both.$BTC pic.twitter.com/ysqiheds7X
Trader and analyst Rekt Capital had a similar conception of the potential support retest move.
BTC price action, he observed, was closely copying behavior from the middle of its previous bull market in 2021.
โPart of Bitcoin continuing to repeat mid-2021 price tendencies relative to the Bull Market EMAs would be a dip into the $87000 (green EMA) level for a post-breakout retest, if at all needed,โ he commented on a weekly chart showing two exponential moving averages (EMAs).
โDepends on how BTC Weekly Closes relative to $93500.โ
Bitcoin bulls seek leveraged shorts wipeout
The main target for bulls thus remained the yearly open level just above $93,000, one which remained intact as resistance at the time of writing.
Related: Bitcoin exchange outflows mimic 2023 as whales buy retail 'panic'
This coincided with a block of potential liquidation levels on exchange order books, providing fertile conditions for a โshort squeezeโ should price attack them.
$BTC Liquidation heatmap shows that liquidity of leveraged positions is building up on both sides.
โ chad. (@chad_ventures) April 24, 2025
Leveraged longs mainly around $91,400.
Leveraged shorts around $93,500-$94,500. pic.twitter.com/d2jCyO2FdC
The latest data from monitoring resource CoinGlass showed the largest concentration of liquidation leverage centered around $93,600.
Earlier, Cointelegraph reported on a large trading entity dubbed โSpoofy the Whaleโ removing a wall of asks at $90,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
