Bitcoin surged from an intraday low near $86,200 to reclaim the $90,000 mark on Wednesday, fueled by aggressive spot buying and a wave of short liquidations.

Data from Coinglass shows that over $110 million in BTC ($88,197.67) short positions were liquidated during the move, with most activity occurring on bitcoin trading pairs. The price jump coincided with a modest decline in futures open interest, suggesting that many short positions were either closed via spot purchases to reduce risk or forcibly liquidated.

The cryptocurrency’s cumulative volume delta (CVD) rose roughly 1,100% during the spike, indicating that buyers decisively overpowered sellers—a pattern not seen since Dec. 1. Meanwhile, altcoins largely lagged bitcoin, pushing BTC dominance back toward 60%, up from a September low of 56.7%. Historical data from Velo shows that Wednesdays have been the strongest performing weekday for bitcoin over the past year.

Oversold RSI points to extended bull market

Julien Bittel, head of macro research at Global Macro Investor, said bitcoin’s price action aligns with historical recoveries following “oversold” RSI readings, with the latest RSI dipping below 30, a level last reached in September 2025. He added that traditional four-year cycle models are now less relevant—not due to halving, but because of shifts in debt refinancing, longer-term maturities, and liquidity dynamics. According to Bittel, these factors point to a bitcoin bull market extending into 2026.