Bitcoin hits 8-week high above $97,000 as shorts unwind and $100K odds rise

Bitcoin registered a forceful market resurgence today, soaring past the critical $97,000 resistance level to achieve its highest price point in eight weeks. The sudden surge has dramatically shifted market sentiment, placing the asset firmly on track to test the highly anticipated $100,000 milestone.

The primary driver of this rapid ascent appears to be a large-scale unwinding of short positions. As BTC broke through key technical barriers that leveraged traders had relied upon for downside protection, a cascade of liquidations ensued. This ‘short squeeze’ forced bears to cover their bets at market price, providing intense buying pressure that propelled the cryptocurrency upward swiftly. Data from major derivatives exchanges indicates significant liquidation volumes across the board, confirming the swift punishment dealt to traders betting against the breakout.

Holding the $97,000 mark is technically crucial. This level acted as a strong psychological and technical ceiling throughout the previous weeks of consolidation. Now, market analysts suggest that with this barrier breached, the path of least resistance has opened up, substantially increasing the odds for Bitcoin to challenge the six-figure threshold. Investor optimism has rapidly crystallized around the $100,000 target, a level that would provide powerful validation for the current macro bullish trend.

Options markets are already reflecting this heightened probability, with increased activity in call options targeting strikes around the $100,000 mark. Should Bitcoin successfully consolidate its position above $97,000 and successfully breach $100,000, it is expected to trigger a fresh wave of retail excitement and further institutional inquiry, potentially setting new resistance levels significantly higher.

Source: Bitcoin hits 8-week high above $97,000 as shorts unwind and $100K odds rise