The price of Bitcoin has been on a major upswing, topping $93,000 for the first time since early March. S&P 500 index stock market jumped with the biggest uplift from hopes for resolution to remedy trade conflict with China. This rise has been happening alongside the recent market upswing. The positive trend extended beyond the Bitcoin market, as the wider cryptocurrency market surged, with Ethereum, Dogecoin and others seeing significant gains.

Bitcoin's price reached $93,035.20 at 9:30 p.m. ET, marking a 5.39% increase over the previous 24 hours. Yesterday Bitcoin’s value jumped, pulling the global cryptocurrency market capitalization up by 5.75%. Now, of course, it’s a ginormous $2.92 trillion.

Popular cryptocurrency analyst Ali Martinez recently pinpointed an important Bitcoin resistance zone ranging from $95,600 to $98,290. This indicates that any additional upside could face significant selling pressure as Bitcoin nears these levels.

Other cryptocurrencies followed in the bullish movement as well, with Ethereum up 11.94% and Dogecoin up 12.27%. These upgrades are a microcosm of the bigger shift happening in today’s crypto ecosystem, largely thanks to the ripple effects of Bitcoin’s bullish run.

Even with the positive price movement, more than 60% of Binance traders with open Bitcoin positions were betting against the cryptocurrency. This is revealing a dangerous new trend among investors. As you can see from the Long/Short Ratio, more than 60% of these traders were in short positions.

In the last day, that recent upward surge triggered the liquidation of close to $516 million in short positions. Bitcoin was the primary asset responsible for leading the pack of these liquidations. One of the major issues was how many traders were surprised by the rapid developments. Without warning, this resulted in them being required to close their positions.

"Really going to depend on BTC here. A pullback soon and we will likely reject. If BTC keeps pushing, however, there’s a chance we will get through." - CrediBULL Crypto