The cryptocurrency market has been lively these days. Bitcoin launched a fierce rally today, with the price on a major exchange reaching as high as $96,495, a level not seen in nearly two months. Importantly, this time it truly broke through a long-standing resistance line that has troubled the market for a while. The market has seen a short squeeze, with those betting on a decline suffering heavy losses.

According to CoinGlass data, there was a liquidation wave of $685 million in the crypto futures market over the past 24 hours. Of this, $598 million was in short positions. And guess what—most of the liquidations occurred after Bitcoin surged past $94,500. This price level is significant for traders and marks the first time since November last year that Bitcoin has effectively broken through this barrier.

Honestly, Bitcoin has challenged the $94,500 level three times since December last year, but each time it was repelled. This time, driven by buying pressure, it finally broke through forcefully, indicating that the market structure is quietly changing.

After the liquidation wave, the open interest in Bitcoin futures also declined to $30.6 billion, down from the intraday high of $31.5 billion. Interestingly, as Bitcoin's price rose, the open interest actually decreased. This is not short-term hot money speculation but genuine buying support from the spot market, with futures shorts rushing to cover and save themselves.

Entering 2026, the crypto market was once shrouded in pessimism, with everyone waiting for some major positive news. But this rally was like a slap in the face, sharply awakening the bearish crowd.