Short traders have been heavily liquidated in the crypto market today, triggering a short squeeze and fueling a bullish sentiment. The rise in open interest (OI) from intensified speculative trading has led to further liquidations, with over $601 million in forced liquidations recorded just in the past 24 hours. Over 138,000 traders were affected, predominantly short traders. A notable $4.3 million ETH/USDT liquidation on Binance is a prime example of this trend. The crypto market’s liquidations are projected to surpass $1 billion later Wednesday as Asian markets open. The recent surge in Bitcoin price, breaking through a multi-week falling logarithmic trend and reaching the $94k mark, has been closely tied to these bullish events. Meanwhile, altcoin prices have followed Ethereum’s positive trajectory, indicating a broader bullish market environment. With recent regulatory developments in the US and global diplomatic efforts promising trade solutions, the crypto market’s bullish sentiment is expected to persist.