The trading implications of this event were profound. The rapid increase in BTC and ETH prices led to a short squeeze in the market. Data from Bybit showed that at 10:50 AM UTC, the total liquidations in the BTC/USD pair reached $300 million, with 80% of these being short positions (Bybit, 2025). This indicates that many traders who were betting on a price decline were forced to close their positions at a loss, further driving up the price. The ETH/BTC trading pair also saw increased volatility, with the price of ETH in BTC terms rising from 0.063 to 0.065 within 10 minutes of the tweet (Binance, 2025). This event highlights the interconnectedness of the crypto market and the impact of social media on trading dynamics. Traders who were quick to react to the tweet and buy into the surge could have realized significant profits, while those holding short positions faced substantial losses.
Technical analysis following the event revealed several key indicators. The 15-minute chart for BTC/USD on TradingView showed that the price broke above the resistance level of $45,000 at 10:47 AM UTC, confirming a bullish trend. The Relative Strength Index (RSI) for BTC/USD jumped from 60 to 75 within 20 minutes, indicating overbought conditions (TradingView, 2025). On-chain metrics provided further insights into market behavior. According to Glassnode, the number of active Bitcoin addresses increased by 10% to 1.2 million within an hour of the tweet, suggesting heightened market participation (Glassnode, 2025). Additionally, the ETH/USD pair exhibited similar patterns, with the price breaking above the $2,880 resistance level at 10:48 AM UTC and the RSI moving from 58 to 72, also indicating overbought conditions (TradingView, 2025). The trading volume for both BTC and ETH remained elevated throughout the day, with sustained increases of 8% and 6% respectively compared to the previous day’s average (CoinMarketCap, 2025).