Bitcoin's price reached a weekly high of $94,800 at the beginning of 2026, reflecting a positive shift in investor sentiment and trading volumes. The rally has been marked by a series of higher lows and higher highs, indicating a tightening range consolidation. Currently, traders are observing liquidation clusters with long positions between $89,000 and $87,000, while short positions are concentrated around $95,000.
Despite the push above the 20-day moving average, Bitcoin was unable to maintain its position at $95,000, prompting some traders to take profits and anticipate a retest of the support level at $89,400. If trading volumes remain robust, there is potential for another attempt to breach the $95,000 mark in the coming days, which could trigger short covering and further liquidations.
This week saw significant activity, with a surge of nearly $1.1 billion in futures buy volume driving Bitcoin's rise, resulting in the liquidation of $100 million in short positions on Binance. Current market indicators suggest a possibility of similar price dynamics reoccurring, particularly if Bitcoin approaches $94,000 again.