The price of Bitcoin has seen a significant surge, climbing to $90,000 from an intraday low of $86,200 on Wednesday. This dramatic increase has led to the liquidation of more than $110 million in short positions, according to data from Coinglass.
The majority of these liquidations occurred within a single hour and predominantly involved Bitcoin trading pairs. Notably, the price uptick occurred alongside a relatively minor decline in futures open interest. This suggests that traders holding short positions either opted to cover their bets by purchasing spot Bitcoin to mitigate risks or faced forced liquidations.
During this price spike, Bitcoin”s cumulative volume delta (CVD) soared by 1,100%, indicating that aggressive buyers are currently dominating the market. This level of activity has not been observed since December 1, suggesting a renewed bullish sentiment among investors.
As Bitcoin rallied, most altcoins struggled to keep pace, leading to an increase in Bitcoin”s dominance back toward 60%. This marks a notable recovery from September, when Bitcoin dominance dipped to as low as 56.7%. Data from Velo indicates that Wednesday has been the strongest performing day of the week for Bitcoin over the past year.
In terms of technical analysis, Julien Bittel, head of macro research at Global Macro Investor, pointed out that the recent price movements align with historical patterns following “oversold” relative strength index (RSI) readings. The RSI dipped below 30 in September 2025, signifying a potential turning point. Bittel argues that the traditional four-year market cycle may no longer apply, citing evolving factors such as debt refinancing, longer-term maturities, and changes in liquidity dynamics.
Looking ahead, Bittel predicts that the current bull market for Bitcoin is likely to extend into 2026, signifying a period of extended growth and investor interest in the cryptocurrency space.
