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

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) 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, signaling a clear challenge ahead, as it’s now en route to the all-time high of $109,000. This rally underscores Bitcoin’s leadership in the crypto market.

Analysts Predict Bitcoin’s Bullish Trend to Continue

Bitcoin’s price surge to $104K prompted a massive liquidation of around $400 million worth of short positions. The steep price increase surprised most traders, including short sellers in particular, and resulted in compelled liquidations on major exchange platforms. The liquidations fueled the rally even more, propelling Bitcoin’s price even higher.

Analysts are closely watching this breakout, viewing it as a 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 indicates that Bitcoin may continue its upward momentum in the months ahead.

Bitcoin’s 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. Investors are waiting to see if BTC will maintain its current course of advance or if profit-taking will set off a correction.

Liquidation at $97K Triggers Massive Market Shift

According to CryptoQuant contributor Amr Taha, the rally can also be credited to a sequence of short liquidations on Binance. These liquidations had a major impact in reducing pressure on the downside and reversed market sentiment. With so many short positions being amassed, it created the optimal environment for a squeeze that pushed the price even higher.

“The first key one was around $97,000, where around $360 million in short positions were liquidated as traders were going short for a local top, but Bitcoin’s breakthrough of this level led to a rapid acceleration in price and a cascade of further short liquidations as the bulls took charge.”

The movement also caused a substantial shift in the funding rate, which went from around -0.06% to +0.03%. A high funding rate usually indicates an imbalance in futures traders’ positions, in this case, a buildup of long positions.

After this surge, BTC dipped briefly below the $101,000 level, another tightly packed cluster of short positions had already formed, setting the stage for the second wave of liquidations that pushed Bitcoin’s price even higher toward the subsequent resistance level. The funding rate for Binance went back into positive territory, showing an increase in long positions and a shift in trader sentiment.