Bitcoin traded above $96,000 in early Asia trading, marking its highest level in about two months and signaling a rebound from a prolonged stall. Ethereum climbed roughly 6.7%, leading gains across the crypto market.
A wave of short squeezes in the futures market forced the liquidation of roughly $2.9 billion of BTC short positions over the past 24 hours, according to CoinGlass. As BTC surged, bear-side bets were unwound, prompting a wave of buying as investors covered losses, contributing to the rally.
Macro and geopolitical factors also supported the move: softer US inflation, the Justice Department’s subpoena of Fed Chair Jerome Powell, and tensions in Venezuela and Iran have underscored Bitcoin’s appeal as a store of value. Institutional money flow surged: on a single day, 12 US-listed BTC spot ETFs drew about $754 million, marking the strongest inflow since early October. If BTC can sustain around $95,000, it could target the psychological level of $100,000, with the next technical hurdle near the 200-day moving average around $106,115.
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