Bitcoin's Sudden Surge: Short Sellers Take a Hit

Bitcoin's value shot up to $90, 000, causing a stir in the crypto world. Over $110 million in short positions were wiped out in just an hour. This happened when the price jumped from $86, 200. Most of these short positions were on bitcoin trading pairs. The surge in bitcoin's price didn't cause a big drop in futures open interest. This suggests that short sellers either closed their positions to cut losses or were forced out. The lack of a significant change in open interest points to spot buying rather than leveraged trading. Bitcoin's cumulative volume delta (CVD) skyrocketed by 1, 100% during this spike. This shows that buyers were more aggressive than sellers. Such behavior hasn't been seen since December 1. Altcoins didn't keep up with bitcoin's rise, and bitcoin's dominance climbed back towards 60%.Historically, Wednesdays have been the best day for bitcoin's performance over the past year. This trend adds context to the recent price surge. Julien Bittel, head of macro research at Global Macro Investor, noted that bitcoin's price action aligns with past recoveries after oversold RSI readings. The latest RSI broke below 30, which last happened in September 2025. The crypto market is volatile, and this surge is a reminder of that. It's crucial for investors to stay informed and cautious. The market's behavior shows that bitcoin is still the dominant force in the crypto space.