Things to know: According to Coinglass data, over $110 million in bitcoin short positions were liquidated in the past hour, while the increase in open interest was relatively small. This action indicates that the main driver behind bitcoin's surge to $90,000 is spot demand rather than leveraged bets. Bitcoin's cumulative trading volume delta jumped by 1,100% during this rally, showing strong buying pressure not seen since early December. Julian Bittel, a global macro investor, stated that the "oversold" Relative Strength Index (RSI) reading supports a continued bull market, and believes the traditional four-year cycle has been broken as bitcoin's market dominance climbs to 60%.
On Wednesday, the price of bitcoin BTC$87,018.43 climbed from an intraday low of $86,200 to $90,000, resulting in over $110 million in short positions being liquidated.
The surge in bitcoin's price occurred alongside relatively stable open interest in futures, suggesting that investors holding short positions either closed them to reduce risk or were forcibly liquidated.
Coinglass data shows that in the past hour, short positions were liquidated, most of which occurred in bitcoin trading pairs.
The slight change in open interest indicates that this volatility was driven by investors buying spot rather than leveraged products.
Bitcoin's cumulative trading volume delta (CVD) rose by 1,100% during this spike, indicating that aggressive buyers are overwhelming sellers. Such behavior has not been seen since December 1.
In most cases, altcoins have lagged behind bitcoin's performance, as bitcoin's market dominance has rebounded to 60%, a significant increase from 56.7% in September.
Over the past year, Wednesday has been the strongest weekday for bitcoin's performance.
Oversold RSI signals suggest the bitcoin bull market will continue
Julian Bittel, Head of Macro Research at Global Macro Investor, believes that bitcoin's recent price action is consistent with historical recoveries following "oversold" RSI readings, with the latest RSI dropping below 30 in September 2025.
Bittel stated that the traditional four-year cycle is no longer valid, not because of the halving, but due to changes in debt refinancing, long-term maturities, and liquidity dynamics. He said the current bull market will continue into 2026.
