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The cryptocurrency market is experiencing a long-awaited rally. Bitcoin surged strongly today (14th), with Binance's price briefly reaching $97,000, hitting the highest level in nearly two months. As key resistance levels were decisively broken, a "short squeeze" scenario unfolded in the market, causing previously bearish speculators to bleed heavily.
CoinGlass data shows that over the past 24 hours, the cryptocurrency futures market has seen over $685 million in liquidations, with short positions accounting for $598 million. Most of these liquidations occurred after Bitcoin broke through $94,500, an important level that traders have been closely watching for a long time, and the first effective breakthrough of this level since November last year.