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Bitcoin momentarily broke above the $94,000–$95,000 resistance zone last week, on strong spot demand, rallying to an intraday high of $97,850 on 14 January, its highest level in over two months. The move triggered a meaningful short squeeze, with the largest single-day short liquidations in almost 100 days, as open interest normalised with leveraged longs taking profit and shorts being forced out. Since the reclaim of the 2025 yearly open and trading more than 21 percent above recent lows, there has been a clear improvement in market structure, even with the price retracing around 6 percent from the highs. The breakout, even if temporary, remains constructive, reflecting reduced leverage overhang and improving conditions, provided spot demand persists.