More than $110 million in bitcoin short positions were liquidated as the price of the largest cryptocurrency rose to $90,000 from an intraday low of $86,200 on Wednesday.
Coinglass data shows that short positions were liquidated in the past hour, with the majority occurring on bitcoin trading pairs.
The price increase also coincided with a relatively muted decline in futures open interest, suggesting that those in short positions either hedged their positions by buying spot, as opposed to leveraged products, to minimize risk or liquidated.
Bitcoin’s cumulative volume delta (CVD) increased by 1,100% during the rally, indicating that aggressive buyers are overpowering sellers. This is behavior not seen since December 1st.
Altcoins mostly lagged bitcoin’s move as bitcoin dominance edged back toward 60%, far from September when it hit as low as 56.7%.
Over the past year, Wednesday has been the strongest performing weekday for bitcoin, data from Velo shows.
Oversold RSI signals an extended bitcoin bull market
Julien Bittel, head of macro research at Global Macro Investor, argues that bitcoin’s recent price action is consistent with historical recoveries following “oversold” RSI readings, with the last RSI breaking below 30, which occurred 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Bittel said the traditional four-year cycle is no longer valid, not because of the halving, but because of changes in debt refinancing, longer maturities and liquidity dynamics. The current bull market will extend into 2026, Bittel said.
