The cryptocurrency market is experiencing a long-awaited rally. Bitcoin surged strongly today (14th), with Binance quotes reaching as high as $96,495, hitting a two-month high. As key resistance levels were decisively broken, a “short squeeze” occurred in the market, causing previously bearish traders to bleed profusely.
CoinGlass data shows that over the past 24 hours, the cryptocurrency futures market has seen over $685 million in liquidations, with short positions accounting for $598 million. Most of these liquidations happened after Bitcoin broke through $94,500, an important level that traders have been closely watching for a long time, and the first time Bitcoin has effectively broken this level since November last year.
In fact, Bitcoin has challenged the $94,500 level three times since December last year but failed each time. Now, this barrier has finally been broken decisively amid buying pressure, symbolizing a clear shift in market structure.
With a large number of positions liquidated, Bitcoin futures open interest has also decreased to $30.6 billion, down from the intraday high of $31.5 billion. The rise in price accompanied by a decrease in open interest indicates that this rally is not just short-term speculation but is supported by genuine buying in the spot market, with short traders rushing to cover their positions.
Why did the crypto market suddenly turn strong?
Entering 2026, the cryptocurrency market was initially pessimistic due to a lack of major positive catalysts. However, this rally has sharply punished the shorts. Analysts believe this is mainly due to the following two factors:
Over-sold rebound: The $19 billion liquidation disaster in October last year left the market in an extremely “oversold” state. Although many assets were already undervalued at that time, investors lacked the courage to enter after experiencing a harsh winter.
Capital return: Over the past few months, retail investors have shifted their funds into precious metals like gold and silver, or even into AI tech stocks. Now, with the “Fear and Greed Index” frequently hitting the “Extreme Fear” zone, contrarian investors are clearly taking advantage of the oversold conditions to buy the dip.
What’s the outlook? $94,500 is a key support level
In the short term, traders are closely watching whether Bitcoin can hold above $94,500 and turn it into a new support level. If it can hold, the next target will be $99,000, which was a strong support level from June to November last year. Now, it has become the final resistance before returning to the $100,000 milestone.
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