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Bitcoin's afternoon surge toward the $88,000 mark provided the ideal backdrop for an unexpected message from Binance founder Changpeng Zhao, or as he is better known online, CZ. In a cryptic post, CZ claimed that "many more ATHs" are on the horizon, although he does not know exactly when.
While the post was a reaction to Trust Wallet launching its own prediction market, for market participants, this was a clear hint. It perfectly accompanied Bitcoin's price explosion.
The market was already recovering from a dip in the mid-$87,000 range, a turnaround that occurred just as short-term liquidations mounted across major pairs. The one-hour heatmap shows BTC clearing $14.5 million in wiped positioning, almost all of which came from shorts.
Those monitoring the intraday chart saw Bitcoin swing from $86,800 to above $88,700 within a short period, enough to trigger a wave of forced exits, but not enough to reset the broader trend.
Bears take hit
What gave the jump extra weight was CZ’s decision to link it to a long-term cycle view rather than to any token-specific catalyst. His comment comes at a time when derivatives desks are reporting uneven positioning, and today's data confirms this: long-side pressure remained mild, while short exposure accounted for most of the damage.
The focus of speculation now shifts to whether BTC can convert this rebound into the type of continuation that aligns with CZ’s prediction.
For now, the situation is as follows: dips continue to produce liquidations, rebounds remain quick and the market reacts rapidly to any indication from the sector's leading figures.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team