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After a strong breakout that puts the six-digit $100,000 level back into consideration, Bitcoin has returned to acceleration mode, rising above $85,000. According to the provided market data, Bitcoin is currently trading at about $85,250, up about 4.4 percent over the last day and 9% over the last seven days.
Can Bitcoin accelerate higher?
The daily candle extended a recovery that began in the $75,000–$76,000 range, briefly reaching about $86,600. From a technical standpoint, Bitcoin has overcome a significant challenge. BTC has now clearly surpassed the 200 day moving average, which had previously served as resistance between $80,000 and $81,000.
At roughly $72,000 to $78,000, all shorter moving averages are significantly lower and have begun to rise. The immediate resistance is found between $87,000 and $88,000. Before $90,000, a successful breakout would leave comparatively little visible resistance. From there, $100,000 becomes the clear psychological goal, even though Bitcoin would still need to rise by about 17% from its current price to get there.
Derivative data offers an additional intriguing component. Based on the provided CoinGlass data, about $612 million in Bitcoin positions were liquidated in the last 24 hours. Just $77 million came from longs, compared to roughly $535 million from shorts. This implies that the breakout caused a significant short squeeze.
On-chain positioning is bullish
The positioning, though, does not yet appear to be entirely bullish. With an overall account long/short ratio of 0.9026 on Binance and 0.93 on OKX, short accounts continue to slightly outnumber longs on those platforms. The top traders on Binance hold different positions; their position-based long/short ratio is roughly 2.27.
If Bitcoin attacks the $87,000–$90,000 range, this divergence may become significant. Remaining bearish positions might be forced to close due to further appreciation, which would increase mechanical buying pressure. On the other hand, BTC will require real spot demand to sustain momentum once short liquidations end. For the time being, the technical framework allows for continuation.
BTC is trading above all major moving averages displayed, and the RSI has recovered toward the mid-60s without reaching extremely overbought conditions. Thus, the path to $100,000 is still theoretically open, but the initial real test lies between $87,000 and $90,000.
Stronger proof that the most recent breakout is a sustainable trend expansion rather than another transient squeeze would be provided by holding above the previous $80,000–$82,000 resistance during any pullback.
Dan Burgin
U.Today Editorial Team
