Bitcoin and ether's sharp 'mechanical' breakouts liquidate nearly $700 million short positions

Bitcoin and Ethereum have seen significant surges recently, particularly Bitcoin breaking above $95,000. This level has had a huge impact on the market, with close to $700 million in short positions being liquidated. This mechanical breakout has rejuvenated risk appetite in the markets, leading strategists to assert that the crypto rally has substantial legs. Bitcoin showcases a strong bullish sentiment aligned with market trends, and expectations are high for continued upward momentum. Ethereum is also experiencing accelerated capital inflows, indicating increased trading activity in the crypto space. In such conditions, traders should remain mindful of historical resistance levels while considering key technical indicators such as moving averages and RSI that indicate strong upward momentum.