This week, Bitcoin has driven a wave of optimism across the cryptocurrency landscape, largely due to a short squeeze. This phenomenon occurs when increasing prices compel short sellers to buy back assets to cover their bets, resulting in intensified buying activity, as detailed by Finbold.
Notably, demand for Bitcoin has shifted to a positive trajectory in both spot and perpetual futures markets for the first time since its peak on October 6, 2025, as indicated by data from CryptoQuant.
Can Bitcoin Maintain Its Momentum with Rising Demand?
With Bitcoin spearheading a positive trend within the overall cryptocurrency market, on-chain data suggests there may be further gains on the horizon. Notably, the UTXO Realized Price Distribution (URPD) for $BTC—a key metric indicating the price ranges at which coins were last moved—reveals that Bitcoin has successfully broken through a significant resistance barrier near $75,733, as reported by Glassnode.
As a result, $BTC is now targeting a liquidity range between $83,307 and $84,569, an area where approximately 1 million coins previously changed hands. With the current trading price of Bitcoin at $76,662, if demand in both spot and futures markets continues to increase, there is potential for a climb of roughly 8.67% to 10.31% before encountering substantial selling pressure.
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