Source: Cointelegraph Original: "{title}"
Bitcoin's price unexpectedly surged, reaching a daily high of $88,500, but will the momentum be limited by the months-long resistance aligned with the 50-day moving average?
Key Points:
Data from Kingfisher, CoinGlass, and Velo indicates that short liquidations played a significant role in Bitcoin's breakthrough of $88,500.
Liquidation situation in the cryptocurrency market over the past 12 hours. Source: CoinGlass
In recent months, Bitcoin's price has struggled to maintain gains driven by leverage. However, looking beyond the futures market, some positive factors suggest that the market structure is gradually shifting from bearish to bullish.
As shown in the chart below, the recent rally has been accompanied by strong buying in the spot market and the return of the Coinbase Pro premium. This has led some analysts to speculate that this change may be influenced by companies like Strategy that focus on building Bitcoin reserves.
Coinbase premium index. Source: CryptoQuant
In the past two weeks, GameStop, MARA, Metaplanet, and Strategy have all announced plans to increase their Bitcoin holdings. Among them, GameStop is nearing completion of its purchase, while Strategy is actively increasing its Bitcoin position.
GameStop secures $1.5 billion for potential BTC purchases. Source: Arkham
In the short term, the continued spot buying volume from Binance and Coinbase Pro, along with the cryptocurrency and stock markets' reaction to President Trump's "liberation day" tariff policy, may be the most critical factors influencing the current upward momentum of Bitcoin's price.
Related: Treasure DAO announces significant transformation aimed at extending operational funds to February
This article does not contain investment opinions or advice. All investment and trading activities involve risks, and readers should conduct their own research when making decisions.
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