Bitcoin just roared back above $80,000 after weeks of uncertainty, and now traders are looking for a potential breakout at $95,000. According to Cointelegraph, lower-than-expected U.S. Consumer Price Index (CPI) data at 3.1% on March 12 has tilted the odds in Bitcoin’s favor. But here’s where it gets interesting—over $300 million in short positions are stacked between $84,000 and $85,000. If Bitcoin blows past this wall, short sellers could get squeezed out, fueling a 12% rally.
Bitcoin Faces a Make-or-Break Moment at $85K
Bitcoin has been knocking on the $84,000 to $85,000 resistance door for days, testing it three times since March 9. According to CoinGlass, a liquidation heatmap shows a major buildup of short bets in this range. If Bitcoin clears it, panic from liquidating shorts could send prices soaring. There’s also a lingering CME Bitcoin futures gap at $85,000-$86,000, and considering every gap in the last four months has been filled, history suggests another breakout is likely.
Binance and Coinbase Traders Are Playing Tug-of-War
On one side, Binance traders have been dumping Bitcoin, especially when it dipped to $76,650, according to Aggr.trade. But on the other, Coinbase (COIN) buyers stepped in to scoop up BTC, propping it back above $80,000. If this standoff continues—Binance traders selling into resistance while Coinbase traders hold the line—Bitcoin’s climb toward $90,000 might hit some speed bumps.
Traders Brace for a $95K Breakout—or a Fakeout
If Bitcoin smashes past $85,000, the next major battleground is $90,000, where a staggering $1.6 billion in short positions could face liquidation. Crypto analyst Mark Cullen believes Bitcoin is still moving “correctively,” hinting at more sideways action before a real breakout. Meanwhile, analyst Valeria warns of “distribution” around $85,000, suggesting a fakeout could trap overzealous buyers before any real rally kicks off.
At the time of writing, Bitcoin is sitting at $83,216.78.
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