- Binance Spot was the main force behind Bitcoin’s sharp recovery above $96K.
- Short liquidations helped push prices higher as traders rushed to cover losses.
- Other exchanges must step in to keep Bitcoin above key levels and confirm further gains.
Bitcoin’s latest price action has sharply recovered, with the leading cryptocurrency reclaiming the $96,000 level. Data from various exchanges highlights that Binance Spot has largely driven this move, while other venues have yet to catch up. According to market analyst Dom (@traderview2), this revival directly results from Binance Spot activity alongside short liquidations, emphasizing Binance’s dominant role in shaping market momentum.
This revival so far has been solely from Binance Spot along with shorts getting blown out
Binance really runs most of this market
We want to see other venues hop in over a 96K regain pic.twitter.com/cusbYViDve
— Dom (@traderview2) February 19, 2025
Binance Spot Leads the Rally
The chart analysis reveals a significant divergence between Binance Spot and other exchanges. While Binance Spot saw aggressive buying pressure, exchanges like Coinbase, Kraken, and OKX lagged in terms of volume recovery. This highlights the influence Binance continues to exert over market movements. The liquidity influx from Binance Spot coincided with a sharp bounce from intraday lows, which suggests that large players are actively positioning themselves for a sustained move higher.
Another important factor that has pushed prices upwards is the cascading liquidation of short positions. This is again typical market behavior selling into strength as recovering prices forced bettors against Bitcoin to cover in accelerated buying. The data supports this phenomenon as we see a sharp price uptick along with a rapid decline in open short interest. The current market structure suggests that further price upside momentum may be brought through additional venues should Bitcoin maintain its strength above $96,000.
What’s Next for Bitcoin?
Dom calls this rally the baby of Binance Spot, but adds that the other inputs from the market need to be matured to maintain gains above $96K. According to him, that will mean other exchanges have to exhibit similar buying pressure to truly indicate a bullish continuation. Assuming Bitcoin holds above crucial levels, traders are waiting for the further institutional demand and potential follow-through buying from other platforms.
Bitcoin is now creating the long-term projection to determine whether the rally is a commodity squeeze or the establishment of a long-term breakout. For now, Binance keeps leading the pack in terms of market impulse, but all eyes will remain intently focused on the activities of other exchanges and their ability to push Bitcoin beyond recent highs.
