Bitcoin (BTC) Price Surges to $104,300, Confirming the Uptrend and Solidifying the Bullish Outlook Projected for 2025

Bitcoin has surged to $104,300, confirming the uptrend and solidifying the bullish outlook projected for 2025. The recent surge propels BTC deep into range-high territory

Bitcoin (BTC) price surged to $104,300 on Thursday, confirming the uptrend and solidifying the bullish outlook projected for 2025. The recent surge propels BTC deep into range-high territory, signaling a clear challenge ahead, reaching the all-time high of $109,000. This rally underscores Bitcoin’s leadership in the crypto market.

After a brief pullback from the $105,000 mark, Bitcoin experienced a sharp decline, finally finding support at $97,000. This level was crucial as it triggered a massive liquidation of around $400 million worth of short positions. The steep price increase surprised most traders, especially short sellers, leading to forced liquidations on major exchange platforms. In turn, these liquidations fueled the rally even more, propelling Bitcoin’s price to even higher highs.

As pointed out by a CryptoQuant contributor, Amr Taha, the rally can be credited to a sequence of short liquidations on Binance. These liquidactions had a major impact in reducing pressure on the downside and reversed market sentiment. So many short positions had been amassed that it created the optimal environment for a squeeze that pushed the price even higher.

According to Taha, the first key liquidation occurred around the $97,000 level, eliminating about $360 million in short positions. The traders were shorting for a local top, but Bitcoin’s breakthrough of this level led to a swift acceleration in price. The movement prompted even more short liquidactions and strengthened the bullish wave. After this surge, BTC dipped slightly below the $101,000 level, where another close cluster of short positions had been amassed. This set the stage for a second wave of liquidations that pushed Bitcoin’s price even higher toward the subsequent resistance level. The funding rate for Binance also shifted to positive, indicating an increase in long positions and a change in trader sentiment.

However, analysts are closely watching this breakout, viewing it as the potential trigger for BTC to hit new all-time highs. With bearish positions cleared, minimal resistance remains to hinder further gains. The sustained bullish sentiment suggests that Bitcoin may continue its upward momentum in the upcoming months.

This rally is driven not only by technical factors but also by increasing institutional demand and a strengthening macroeconomic environment. The market also sees the potential of incoming ETF inflows in propelling the cryptocurrency even higher. As investors digest this new development, they will be waiting to see if BTC manages to hold its current course of advance or if profit-taking will lead to a correction.