Haciyev Reşit 
The long-anticipated strong recovery in the cryptocurrency market has finally arrived. After Bitcoin surged past the $69,000 level, a broad rally followed across the altcoin market. In the past 24 hours, hundreds of millions of dollars in short positions were liquidated, accelerating the upward move and creating a powerful short squeeze effect. According to analysts, this rally reflects dip-buying behavior and rising risk appetite following prolonged selling pressure. As Bitcoin approaches critical levels, investor confidence appears to be strengthening, fueling more positive expectations across the crypto market.
Market Rally: Bitcoin and Ethereum Lead the Way
A strong rally has drawn attention across crypto markets today. Bitcoin climbed 7.22% in the last 24 hours to reach $69,164, pushing its total market capitalization to approximately $1.38 trillion. This sharp rise signals renewed confidence and growing risk appetite after weeks of selling pressure. High-volume buying and widespread short liquidations have been key drivers behind the surge. Analysts note that Bitcoin reclaiming the $69,000 range is technically significant and that maintaining this level could sustain upward momentum.
Meanwhile, Ethereum gained 11.63%, rising to $2,072 and emerging as one of the primary leaders of the recovery. Ethereum’s strong move suggests it is once again standing out as a market leader rather than merely following Bitcoin. The momentum is associated with increased interest in DeFi and AI-related projects, alongside rising network activity and ongoing staking demand. As Ethereum approaches critical resistance levels, short-term bullish expectations have strengthened.
Led by Bitcoin and Ethereum, several major altcoins posted notable gains:
- Solana rose 13.55% to $88.88
- Cardano gained 14.11% to $0.2983
- Dogecoin climbed 12.58% to $0.1036
- XRP and BNB also ended the day with strong gains
Analysts say Bitcoin’s approach toward $70,000 is reigniting expectations of a potential “altcoin season.”
Million in Liquidations Hit Short Sellers
The sharp rally dealt heavy losses to investors holding bearish positions. Over the last 24 hours, approximately $568 million in crypto positions were liquidated, with $467 million coming from short positions alone. This high proportion suggests many traders were caught offside as bullish momentum intensified. Such large-scale liquidations typically reinforce market momentum, though they may also signal continued short-term volatility. If buying pressure persists, the acceleration triggered by the short squeeze could continue to support upward price action.
Macro Developments and Nvidia Boost Risk Appetite
The market rebound gained speed following a relatively calm State of the Union address by U.S. President Donald Trump. Investor attention then shifted to earnings from tech giant Nvidia, whose stronger-than-expected financial results further supported global risk appetite.
Nvidia reported $68.1 billion in revenue for the fourth quarter of fiscal year 2025, surpassing expectations of $65.91 billion. Data center revenue reached $62.3 billion, fueled by strong demand for AI-focused infrastructure. Networking revenue also exceeded forecasts at $10.98 billion. Company executives emphasized that computing demand is growing exponentially, driven by continued AI and data center investment. Analysts believe Nvidia’s strong performance has supported optimism across both equity and crypto markets.
Caroline Mauron, co-founder of Orbit Markets, described the recent surge primarily as a dip-buying reaction.
“This rally following a prolonged sell-off shows that investors are taking advantage of dip-buying opportunities. If Bitcoin surpasses $70,000, the market narrative could shift more clearly to bullish.”
According to Mauron, a break above this key level could attract both institutional and retail interest.
Could Altcoin Season Begin?
Bitcoin’s move above $69,000, combined with double-digit gains across altcoins, has sparked a fresh wave of optimism. After extended selling pressure, the recovery indicates renewed market participation and stronger risk appetite. Large-scale short liquidations and rising trading volumes are currently supporting short-term momentum. Analysts suggest that if Bitcoin sustainably breaks above $70,000, a broader altcoin rally could follow, potentially marking the start of a new bullish cycle. Sustained price action above this psychological and technical threshold may decisively shift the overall market narrative into positive territory.
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