Bitcoin Price Hits $96,240: Two-Month High Triggers Altcoin Rally and Short Squeeze

The price of Bitcoin (BTC) has surged to a significant two-month peak, reaching $96,240. This notable upward movement in the leading cryptocurrency has catalyzed a broad rally across the altcoin market. Major alternative coins, including Ethereum (ETH), have posted substantial gains, amplifying the positive momentum. Analysts point to a cascading short squeeze as a key driver behind the rapid price appreciation, forcing traders with bearish positions to cover their shorts and further fueling the buying pressure. This event marks a strong bullish phase for the digital asset ecosystem, highlighting renewed investor confidence and volatile market dynamics.