Bitcoin surged from an intraday low near $86,200 to reclaim the $90,000 mark on Wednesday, fueled by strong spot buying and a wave of short liquidations.
Data from Coinglass shows over $110 million in BTC ($88,197.67) short positions were liquidated, primarily across bitcoin trading pairs. The price spike coincided with only a modest decline in futures open interest, suggesting short sellers either covered via spot purchases or were forcibly liquidated.
Bitcoin’s cumulative volume delta (CVD) jumped roughly 1,100% during the rally, signaling that buyers decisively overpowered sellers—a pattern not seen since Dec. 1. Altcoins largely lagged, pushing BTC dominance toward 60%, up from a September low of 56.7%. Velo data indicates that Wednesdays have historically been bitcoin’s strongest-performing weekday over the past year.
Oversold RSI hints at extended bull market
Julien Bittel, head of macro research at Global Macro Investor, noted that bitcoin’s recent price action aligns with recoveries following “oversold” RSI readings, with the latest dip below 30 last seen in September 2025. He added that traditional four-year cycle models are increasingly less relevant due to shifts in debt refinancing, longer-term maturities, and liquidity dynamics, and expects the current bull market to extend into 2026
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