It has been an incredibly exciting day for Bitcoin enthusiasts. Over the past 24 hours, Bitcoin has shown a powerful surge, finally breaking past the $96,000 mark and reaching its highest level in nearly two months. This rally represents an impressive gain of around 5% within just a single day, signaling a strong shift in market momentum as we move deeper into January.
Several factors are fueling this upward move. Investors are responding positively to softer than expected US inflation data, which has eased concerns about aggressive interest rate hikes. Additionally, growing geopolitical tensions in the Middle East have prompted many to turn to Bitcoin as a digital safe haven. The market also saw nearly $600 million in short positions liquidated, which further accelerated the price climb.
While the sentiment remains a mix of excitement and caution, the ability of BTC to reclaim these multi week resistance levels shows significant conviction from buyers. It will be interesting to see if the price can consolidate above $95,000 or if we will see a brief pullback before the next leg up.