Bitcoin surged from an intraday low near $86,200 to reclaim the $90,000 mark on Wednesday, driven by aggressive spot buying and a wave of short liquidations.
Coinglass data shows over $110 million in BTC ($88,197.67) short positions were liquidated, mostly across bitcoin trading pairs. The rally occurred alongside a modest decline in futures open interest, indicating that shorts either covered via spot purchases or were forcibly liquidated.
Bitcoin’s cumulative volume delta (CVD) rose roughly 1,100% during the surge, signaling strong buying pressure—a pattern not seen since Dec. 1. Altcoins largely lagged, pushing BTC dominance toward 60%, up from a September low of 56.7%. Historical data from Velo shows that Wednesdays have been the strongest-performing weekday for bitcoin over the past year.
Oversold RSI suggests extended bull run
Julien Bittel, head of macro research at Global Macro Investor, said bitcoin’s recent price action matches recoveries after “oversold” RSI readings, with the latest dip below 30 last seen in September 2025. He noted that traditional four-year cycle models are less relevant now due to shifts in debt refinancing, longer-term maturities, and liquidity dynamics, and expects the bull market to continue into 2026.
