Bitcoin Surges Past $94K as Market Breaks Free From Week-Long Trading Range

Bitcoin has finally broken through the $94,000 resistance level after spending nearly a week grinding sideways between $88,000 and $92,000. The move came suddenly on December 9, with sharp acceleration within minutes as buyers overwhelmed the consolidated trading zone that had frustrated traders for days.

On-Chain Activity Signals Major Accumulation Before the Rally

Chain analysis reveals the story behind the move: institutional and custodial wallets began taking on significant positions in the hour leading up to the breakout. Trading data shows thousands of BTC flowing into major accumulation addresses during this window, suggesting that deep-pocketed buyers were positioning ahead of time. This kind of whale activity typically precedes major market moves.

The order book appeared to thin rapidly once price broke above resistance, creating a waterfall effect. Once the first buyers breached the zone, momentum accelerated as trapped short positions were forced to cover under increasing pressure. The market structure shifted decisively in that moment.

Liquidations Compound the Move

The breakout triggered a cascade of forced closures across futures markets. Over the past 12 hours, more than $300 million in total crypto liquidations occurred across the sector. Bitcoin accounted for over $46 million of that, while Ethereum saw liquidations exceed $49 million. Critically, most of these were short positions being unwound—classic squeeze dynamics rather than a sustained trend reversal. As stop losses triggered lower, momentum expanded vertically with minimal selling pressure to absorb the move.

Regulatory Tailwinds Add to Bullish Sentiment

The timing of the breakout is worth noting. Just hours before Bitcoin surged, the U.S. Office of the Comptroller of the Currency (OCC) issued an interpretive letter confirming that national banks may engage in riskless principal crypto transactions. The decision removes a significant barrier for regulated institutions seeking to intermediate crypto flows without directly holding assets on their balance sheets.

This regulatory green light expands the window for institutional participation, and the market seemed to price this in immediately. With the Federal Reserve’s rate decision approaching, traders are also anticipating potential liquidity conditions should rate cuts be confirmed. The two factors—regulatory clarity and monetary expectations—appear to have aligned.

What’s Next?

Bitcoin is holding near intraday highs with volatility still elevated and derivatives funding resetting across exchanges. The key question now: does follow-through buying sustain momentum into the FOMC announcement, or do traders take profits at current levels? Either way, the technical breakout and on-chain accumulation suggest this wasn’t a flash move—serious capital moved first, and the shorts paid the price.