Bitcoin (BTC) recorded its strongest price increase in over half a year yesterday. The price rose by nearly 6%, effectively reversing the sharp decline from the day before. Today, Bitcoin continues this upward trend, and many other cryptocurrencies are seeing even stronger gains. Several well-known projects are posting increases of more than 30%.

Bitcoin reaches highest level in more than two weeks

Bitcoin‘s price climbed from roughly 86,309 dollars to 91,288 dollars yesterday, a 5.77% increase. In the evening, the price even briefly touched the 92,000-dollar mark. During the night, the upward trend continued, and the 94,000-dollar level is now within reach — a price last seen on 17 November.

This strong move follows a day in which Bitcoin came under pressure due to large-scale liquidations in the leveraged market. Where long positions were closed en masse then, the opposite is happening now: short positions are quickly being forced out of the market.

Short liquidations amplify upward movement

When traders bet on a price decline (short) but the market rises, their positions are automatically closed. This forces them to buy back BTC, adding additional upward pressure. According to data from CoinGlass, more than 400 million dollars in short positions has been liquidated over the past 24 hours. This has clearly contributed to the current price rise.

The recent decision by asset manager Vanguard may also have played a role. The company announced that several Bitcoin and crypto funds will now be available on its investment platform.

From the moment U.S. stock markets opened yesterday, Bitcoin accelerated further. Bloomberg ETF analyst Eric Balchunas notes that this is no coincidence: Vanguard‘s decision instantly gave a massive amount of capital access to Bitcoin. According to him, even more conservative investors may now feel more comfortable allocating a small portion of their portfolio to crypto.

Is Bitcoin heading towards 130,000 dollars?

With the recent upward move, Bitcoin is now trading above its 2025 opening price of around 93,400 dollars. Holding above this level could act as an important support zone.

Analyst Micro2Macro views 96,000 dollars as a potential breakout level. A strong move above it could open the door to a new all-time high near 130,000 dollars or even higher.

The broader market is also performing strongly. While Bitcoin has already posted a 7.89% increase, many altcoins are showing even more impressive gains.

Ethereum (ETH): 9.65%

Ripple (XRP): 9.89%

Solana (SOL): 13.15%

Within the top 100, Sui (SUI) is the strongest performer with a gain of more than 30.14%.

Disclaimer: This is not financial advice. Always conduct your own research or consult a professional advisor before making investment decisions.