Bitcoin has surged to its highest level since November 16, touching $96,000 on Coinbase in early Asian trading on Wednesday and igniting fresh chatter of a six-figure retest before month-end.
The move marks a two-month peak and lifts the dominant cryptocurrency 9% year-to-date, putting the liquidation-driven panic of October firmly in the rear-view mirror.
At a Glance
- Bitcoin hit $96,000, its best level since November 16
- Ethereum followed with an 8% daily jump to $3,350
- Trump urged Fed chair Powell to cut rates after soft CPI data
- Why it matters: Crypto markets are flashing momentum signals last seen before the October rout
Rate-Cut Nudge Sparks Rally
US President Trump pressed Federal Reserve chair Jerome Powell to lower borrowing costs after January’s consumer-price index fell short of forecasts. The political pressure injected fresh liquidity optimism into risk assets, with Bitcoin leading the charge.
Analyst Daan Crypto Trades told followers Tuesday that odds favor a quick retest of the bull-market support band:
> “There’s a good chance we retest the bull market support band relatively soon. It’s moving down at a fast pace while price is attempting to grind higher. That retest is one we see every time. Whether it breaks back above or rejects is pretty pivotal for the next few weeks or months ahead.”
Spot Buyers Drive Move
Will Clemente, partner at Reflexivity Research, noted the advance is “led by spot buying and getting faded by perps.”
Key metrics backing his view:
- Perpetual-futures funding rates turned negative
- Open interest rose, indicating fresh short positioning
- Spot volume hit its highest level in days
The setup, Clemente said, suggests shorts are stacking bets against the rally, raising odds of a short squeeze if spot demand persists.
Technical Hurdle at $97,600
Trader Sykodelic labeled the breakout above $94,500 “a really nice move,” pointing to climbing volume as confirmation:
> “Hold above $94.5k and I believe we see continuation to $100k.”
BTC’s daily candle on Coinbase closed at $95,370, according to TradingView, leaving the asset a whisker below that level at publication time.
Meanwhile, the 50-week exponential moving average sits at $97,600, a level analyst Stockmoney Lizards calls a long-term bull-bear divider:
> “I continue to believe this is NOT the bear market yet. For my hypothesis to be true, BTC should be able to break through the weekly EMA50.”
Altcoins Join the Party
Ethereum outperformed Bitcoin on the day, leaping 8% to $3,350-its loftiest print since mid-December. Year-to-date, ETH has climbed over 12%.
Other large-cap tokens posted solid gains alongside Bitcoin’s move:
- XRP
- Dogecoin
- Cardano
- Monero
- Chainlink
- Stellar
Market Pulse
The broad-based advance signals renewed risk appetite across crypto after a bruising fourth-quarter drawdown. With Bitcoin now within 2% of the 50-week EMA, traders are watching whether spot inflows can overwhelm renewed perp shorting and push price toward the psychologically key $100,000 mark.
Key Takeaways
- Bitcoin’s rally to $96,000 marks a two-month high and 9% 2026 gain
- Spot buying, not leverage, is fueling the move, raising squeeze potential
- The 50-week EMA at $97,600 is the next technical checkpoint
- Ethereum and major altcoins are tagging along, hinting at sector-wide momentum
