📅 January 14 | Global Markets
After weeks trapped in a tight range, with the market split between restrained euphoria and extreme caution, Bitcoin did what it does best: break the equilibrium. The surge above $97,000, its highest level in almost eight weeks, not only caught bearish traders off guard but completely reshaped market sentiment.
📖Bitcoin surpassed $97,300, reaching its highest price since mid-November and comfortably consolidating above $97,000, according to market data. In just 24 hours, the asset registered an advance of over 4.4%, leading a widespread rally that also boosted ether, solana and BNB, while the total crypto market capitalization climbed to approximately $3.4 trillion.
The technical break triggered a violent correction in the derivatives market. More than $680 million in short positions were liquidated in a single day, reflecting the forced unwinding of bearish bets that had dominated recent positioning. This process of forced deleveraging acted as additional fuel for the upward movement, accelerating the rise as traders closed losing positions.
The shift in sentiment was also evident in prediction markets. On Polymarket, the odds of Bitcoin reaching $100,000 before the end of January rose above 60%, a significant jump from previous weeks when that level seemed like a distant and insurmountable psychological barrier.
Topic Opinion:
We are not seeing a rally driven by uncontrolled euphoria, but rather by a combination of short covering, institutional flows, and a favorable macroeconomic environment. This doesn't eliminate the risk of corrections, but it does change the quality of the rally.
💬 Is this the start of the final leg towards $100K?
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