Bitcoin finally decided to make a move on Wednesday, briefly touching $97,500 as improving macro sentiment gave risk assets the green light to run. It's the kind of breakout crypto traders have been waiting for after two months of sideways action that tested everyone's patience.

Here's where the major cryptocurrencies landed:

The Liquidation Bloodbath

When Bitcoin moves this quickly, someone's getting caught on the wrong side of the trade. According to Coinglass data, 149,828 traders were liquidated in the past 24 hours for a staggering $848.51 million. That's what happens when leverage meets volatility.

The broader crypto market saw solid gains too, with Dash, Internet Computer, and Monero leading the pack among top performers.

What the Analysts Are Saying

Altcoin Sherpa noted that Bitcoin has finally broken out of its two-month consolidation range, though market sentiment remains cautious. People remember getting burned by false breakouts, so there's still some hesitation in the air. Despite that wariness, he remains bullish and sees a move toward $100,000 as the base case unless a major macro shock emerges.

Crypto analyst Kevin brought up an interesting technical point: if Bitcoin reclaims the 2-day timeframe 200 EMA/SMA and shows sustained follow-through, it would be historically unprecedented for what's considered a "bear market year." Such a move would mark a major structural shift into a bullish regime, with the critical resistance zone sitting between $96,000 and $101,600.

Crypto trader Jelle was even more definitive, declaring that Bitcoin's downtrend has officially ended. He pointed to a clean break and retest of the descending trendline, a clear market structure shift, and the former local high now acting as support. With these confirmations in place, the next major resistance lies between $100,000 and $105,000, with momentum firmly back in the bulls' favor.

The Bottom Line

After weeks of grinding sideways action, Bitcoin appears to be making a genuine push toward six figures. Whether this breakout has staying power depends on macro conditions holding steady and traders maintaining conviction through that critical $100,000 psychological barrier. The technical setup looks promising, but in crypto, nothing's guaranteed until it's in the rearview mirror.