BTC Surges 3.95% as $155M Shorts Liquidated, Breaks $106,500 Resistance Amid Market Optimism

Bitcoin (BTCUSDT) has experienced a notable price increase over the past 24 hours, rising 3.95% from a 24-hour open of 105,653.07 to a current Binance price of 109,821.89. This upward movement is primarily attributed to strong buying activity following Bitcoin’s breakout above the critical resistance level of $106,500, which triggered significant liquidations of short positions totaling approximately $155.57 million. The rally has occurred despite a recent decline in the seven-day average transaction count to 317,000, the lowest since October 2023, and ongoing macroeconomic uncertainties, including U.S. political tensions and stable Federal Reserve rate expectations.

Currently, Bitcoin’s market capitalization stands at approximately $2.094 trillion with a 24-hour trading volume of $28.21 billion, and the circulating supply is about 19.8 million BTC. Technical sentiment remains cautiously optimistic, supported by a "Greed" reading of 62 on the Fear & Greed Index, as Bitcoin trades near its recent all-time high and maintains strong support above key levels.