U.S. stocks rallying across the board, Bitcoin steadily climbing from around 92,000. The current price has already surged to 93,632, less than 1% away from the all-time high of 94,415 set on January 6. Yesterday’s debate over whether 91,800 would hold has now become somewhat outdated.

The logic behind this rally is clear—shorts are being gradually squeezed out. Those who bought the dip near 90,400 and shorts set at 92,500 have almost no chance to turn things around. The market is now exhibiting a classic short squeeze pattern; once stop-loss orders for shorts are triggered, prices will be pushed even higher.

From a technical perspective, the trend is extremely strong. The 92,500 level has transformed from resistance into support—the previous ceiling has now become a solid floor. As long as the price doesn’t break below this level, breaking through 94,415 and surpassing 95,000 is only a matter of time.

Support levels summarized:

93,000 is immediate support, a recently broken round number and the first line of defense in the short term. If a pullback occurs, support here may not be strong enough.

The true core support zone is between 92,400 and 92,600. This area was a resistance zone yesterday and the day before; after being effectively broken through, it has become the strongest support. The chance of a pullback to this level is relatively small, but if it happens, the rebound could be very vigorous.

After the U.S. stock market closes, a technical correction may occur, which is normal. The key is whether 92,500 can hold as a lifeline. As long as the bulls don’t let go, new highs are just around the corner.