Bitcoin has successfully reclaimed the $96,000 level, thanks to Binance Spot's aggressive buying pressure and the cascading liquidation of short positions. While Binance Spot has driven the recent price action, other exchanges like Coinbase, Kraken, and OKX have been slow to recover in terms of volume. This highlights Binance's dominant role in shaping the market momentum. However, for the gains above $96,000 to be maintained, other exchanges need to exhibit similar buying pressure. Traders are also waiting for further institutional demand and follow-through buying from other platforms to determine whether this rally is a commodity squeeze or a long-term breakout. The activities of other exchanges will be closely watched to see if they can push Bitcoin beyond recent highs.



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