Bitcoin is shaking up the crypto market with a spectacular rally, surpassing its previous all-time high to reach approximately $116,400. In the past 24 hours alone, BTC has surged 4.6%, bringing its weekly gains to over 5.5%, with a massive trading volume of $50 billion.
This bullish momentum hasn’t just energized the market — it’s also delivered a heavy blow to short sellers. According to data from Coinglass, short positions were liquidated to the tune of around $940 million just yesterday, marking one of the largest short squeezes in recent memory. Overall, nearly $1 billion in positions have been wiped out, with 94% of them being shorts — a clear sign that bulls are firmly in control.
Bitcoin’s surge has also lifted the broader crypto market. ETH is nearing the $3,000 mark, XRP is trading around $2.60, and the total crypto market capitalization has crossed an impressive $3.7 trillion.
Analysts believe this rally may still have room to grow. Markus Thielen, Head of Research at 10x Research, told Cointelegraph that there’s a 60% chance Bitcoin could rise another 20% within the next two months. Meanwhile, Kyle Reidhead, co-founder of Milk Road, is even more bullish, predicting in a recent X post that BTC could reach $150,000.
Technical Outlook: Is Bitcoin Ready for a Breakout?
From a technical perspective, the $113,800 level — which forms the neckline of an inverse head-and-shoulders pattern — is a critical resistance zone. This is where bears are expected to mount strong opposition.
If bulls can push the price decisively above this neckline, the bullish pattern will be confirmed, opening the door for a potential rally toward the $150,000 target.
However, bears aren’t likely to give up without a fight. Should they manage to drag the price back below $110,530, BTC/USDT could retreat toward the moving average zone. In that scenario, the 50-day simple moving average (SMA) will become a key level to watch. If this support fails, selling pressure could intensify sharply, putting the current uptrend at risk.
