Crypto15 April, 20262 min read
Bitget Says Leverage-Driven Rally Pushes Bitcoin Above $83,000 Amid Short Squeeze Risk
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Bitcoin outperformed Ethereum as ETH underperformed. Ethereum exchange reserves rose sharply, signaling selling pressure.
Bitcoin’s leverage-led surge
Bitcoin broke through the $80,000 mark and reached a high of around $83,000, but Bitget’s market summary said the move was “clearly driven by leverage.” Bitget reported that open interest in futures contracts surged by $10 billion in a month while spot trading volume hit a two-year low, describing the rally as “a typical short squeeze rather than a healthy breakout.” The same Bitget summary tied the broader backdrop to U.S. markets, saying the Nasdaq index rose by 4.5% and the SP 500 index rose by 2.3% to new all-time highs.
It also said ETF net inflows totaled $623 million and exchange reserves were at a 7-year low, while warning that the RSI had entered overbought territory. Bitget framed the risk as a squeeze unwind, saying that if squeeze momentum ends and spot trading does not take over, the Bitcoin price could quickly fall back.
ETH keeps losing to BTC
Multiple outlets focused on Ethereum’s relative weakness versus bitcoin, with Analytics Insight saying Ethereum has lost more than 35% of its value against Bitcoin in the last year. Analytics Insight also pointed to a technical level, saying the ETH/BTC pair was at multi-year lows and that Ethereum fell below an important long-term support level near 0.034 BTC. Bloomingbit described the ETH/BTC ratio as being rejected below a long-term descending trendline and said the next major support level is 0.0176 BTC, implying about 40% additional downside.
Bloomingbit added that CryptoQuant data showed Binance held about 3.62 million ETH in May, while Bitcoin exchange reserves were declining, reinforcing a structure that favors Ethereum weakness and Bitcoin strength. In the same bearish framing, KuCoin said the next major technical target sits near 0.0176 BTC, implying roughly another 40% downside from current levels.
Key levels and what to watch
CoinDesk said analysts were watching whether bitcoin can keep the support level above $84,000, and if it fails the next target is $80,000 where buyers stepped in back in November. CoinDesk quoted Matt Mena, cryptocurrency research strategist at 21Shares, saying keeping the support level above $84,000 is critical for bitcoin. CoinDesk also reported that John Glover, investment director at the bitcoin lender Ledn, argued the sell-off could drag BTC down to $71,000, a 43% drop from the early-October level of $126,000.
On the ETH side, AMBCrypto described on-chain movement as a potential selling-pressure signal, saying Garret Jin deposited 225,627 ETH valued at $528.19 million and that he moved about 577,896 ETH worth $1.35 billion into Binance over just four days. AMBCrypto said the ETH/BTC ratio had fallen to 0.02887, and it framed Binance’s ETH flows as the key metric to watch if those trends persist into Q2 2026.