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Why is Bitcoin up today? Spoiler alert, 94k was a pretty significant resistance aaaaaand acccsshhhualllyyyy, despite what bears tell you, the higher low certified bull status a month back.
That’s the good news. Here’s the even better news:
Bitcoin
3.11%
‘s recent break triggered over $500 Mn in liquidations in a matter of hours and forcing short sellers to cover.
BTC pushed to a two-month high near $96,240 before cooling, but the damage to bearish positioning was already done.
Open interest fell from roughly $31.5 Bn to $30.6 Bn as price rose, a classic tell that this was not leverage chasing upside but leverage getting blown out. Spot buyers stepped in while derivatives traders scrambled. Here’s everything we know and if this will likely continue.
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Altcoins Take Control as Bitcoin Dominance Slips
This was not a Bitcoin-only breakout. Altcoins led aggressively. DASH printed its highest level since 2021 on strong volume, while OP, TIA, and PENGU all posted double-digit gains in 24 hours. Bitcoin dominance slipped from 59.3% in late December to about 58.6%, confirming risk appetite rotating outward.
We also saw
Monero
7.91%
nearly double its price and break new ATHs in less than a week. A lot of the speculation for the price has been that Monero and Bitcoin are thriving from revolutions in Iran and Venezuela.
The October liquidation cascade left the market fragile and under-positioned.
Glassnode data shows this breakout punished complacency in the market. Shorts leaned too heavily on the idea that Bitcoin lacked 2026 catalysts. Instead, price moved first and narratives followed, as they usually do.
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Why Is Bitcoin Up Today? Key Levels That Decide Whether $99K Is n Play
From a technical standpoint, $94,500 is now the level that cannot fail. Holding above the low-$93K region keeps structure intact and opens a path toward $99K. Lose it, and this turns into another range fakeout.
For now, this appears to be consolidation after a period of strength, and we may have a new floor. Bitcoin broke the door down once again, like a raid. The market responded exactly how it does when too many traders were leaning the wrong way.
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Key Takeaways
- Why is Bitcoin up today? Spoiler alert, 94k was a pretty significant resistance, and despite what the bears tell you, bull status may be back.
- From a technical standpoint, $94,500 is now the level that cannot fail. Holding above the low-$93K region keeps structure intact.
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