Bitcoin's performance during the early US stock hours was quite intense. Starting around 92,000, it continued to rise to the current 93,632, less than 1% away from the January 6th peak of 94,415. The strength of this rally is definitely worth a close look.

Anyone who has followed the market for years can sense that this is not an isolated rebound; the underlying logic is quite clear.

The most straightforward explanation is the short squeeze effect. Just a few days ago, bears were chasing shorts around 90,400 and setting up defenses at 92,500. Now, the market has forcibly squeezed them out. Think about the current situation—institutional BTC holdings are already locked in, and retail liquidity in the market is becoming increasingly scarce. Meanwhile, the Federal Reserve continues to inject liquidity. Shrinking supply and increasing demand make shorting in this environment essentially suicidal.

From a technical perspective, it’s even more interesting. Previously, 92,500 was seen as a ceiling, but now it has become a floor—signaling a clear bottom reversal. On-chain data combined with hourly chart patterns indicate that the meaning of this turning point has changed. Moreover, multiple tests of the 90,000 level this week have not been effectively broken, establishing a solid support level. This super support is as strong as rebar, providing firm backing for subsequent gains.

Don’t forget the actions of institutional players. MicroStrategy has just added 13,000 more BTC, and overseas institutions are also continuing to increase their holdings. When large funds are buying on dips, it often indicates that their outlook for the market is already quite clear. All these signals together suggest that the upward momentum in the market remains quite strong.