Bitcoin has surged past $94,000, breaking a week-long trading range between $88,000 and $92,000. The sudden breakout on December 9 was driven by significant whale accumulation and short-side liquidations. Major institutional and exchange-linked wallets saw heavy inflows, with Binance, Coinbase, Wintermute, BlackRock, and other large buyers acquiring substantial amounts of Bitcoin. The rapid price increase led to over $300 million in total crypto liquidations, with Bitcoin accounting for over $46 million. The majority of these were short positions, indicating a classic short squeeze. Additionally, a policy update from the US Office of the Comptroller of the Currency, allowing banks to engage in riskless principal crypto transactions, may have bolstered market sentiment. Traders are now eyeing the upcoming Federal Reserve rate decision for further market direction.
Bitcoin Surges Past $94,000 Amid Whale Accumulation and Short Squeeze
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