Bitunix Analyst: Ceasefire Signal Triggers Liquidation Drive, BTC Tests $80,000 Before Returning to Liquidity Dominance

BlockBeats News, April 23rd. The market focus has shifted from geopolitical issues to "Event-Driven Liquidity." Following signals related to the ceasefire, Bitcoin quickly surged, once approaching the $80,000 mark, accompanied by approximately $339 million in short liquidations, forming a typical liquidation-driven rally. This indicates that the current momentum is not driven by active fund acceptance but by passive squeezing leading to price extension.

Looking at the external environment, the US-Iran negotiations are still in a "window but no consensus" phase. Internal divisions in Iran and ongoing energy sanctions have not been substantially resolved. This also explains why, after reaching a high-liquidity point, the price failed to establish a trend continuation and instead fell back into a range-bound oscillation.

From a structural perspective, the current $78,000 to $80,000 range above Bitcoin is a clear liquidity and liquidation-heavy zone, while the $73,000 to $75,000 range below continues to see support. After the price swiftly pierced through key levels multiple times before retracting, it remains driven by repeated liquidity triggers rather than trend establishment.

Overall, until policy and geopolitical risks are reanchored, the crypto market continues to operate in a rhythm of "Event → Liquidation → Reversion." At this point, Bitcoin is not the starting point of a trend but an indicator of whether funds are willing to take on risk.