Bitcoin Shorts Slammed: $38M Liquidations Signal Sharp Bullish Reversal

Bitcoin ignites bullish momentum on May 1 as $38.64M in crypto futures liquidations wiped out shorts, with BTC accounting for $16.32M (73% shorts) amid a sudden squeeze. This caps a volatile week: $600M long liquidations on Apr 26, $593M short squeezes on Apr 28, spot volumes crashing below $5B (lowest since 2023) on Apr 29, bearish $1.7B Deribit options expiry (put/call 1.1, max pain $76K) on Apr 30, and Binance whale ratio hitting ATH 0.494 signaling sales as price slipped to $75K. Thin liquidity amplifies swings, testing $74.5K-$75.5K support against $80K resistance.