More than $110 million in Bitcoin short positions were liquidated as the price of the largest cryptocurrency surged to $90,000 from an intraday low of $86,200 on Wednesday.
Data from Coinglass shows that short positions were liquidated over the past hour, with the majority occurring across Bitcoin trading pairs.
The price surge also coincided with a relatively modest decline in open interest on futures contracts, suggesting that those who were short either covered their positions by buying cash, as opposed to leveraged products, to minimize risk, or were liquidated.
Bitcoin’s cumulative volume delta (CVD) increased by 1,100% during the peak, indicating that aggressive buyers are dominating sellers. This is behavior not seen since December 1st.
Altcoins have largely lagged behind bitcoin’s move, with bitcoin’s dominance climbing back toward 60%, a far cry from September when it hit a low of 56.7%.
Over the past year, Wednesday has been the best performing day of the week for Bitcoin, according to Velo data.
Oversold RSI Signals Extended Bitcoin Bull Market
Julien Bittel, head of macro research at Global Macro Investor, says Bitcoin’s recent price action is consistent with historical rallies following “oversold” RSI readings, with the last RSI falling below 30 occurring in September 2025.
Bittel said the traditional four-year cycle is no longer valid, not because of the halving, but because of changes in debt refinancing, longer-term maturities and liquidity dynamics. The current bull market will extend into 2026, Bittel said.
