For the Bitcoin industry, the past 24 hours is volatile. The cryptocurrency has been in an almost relentless uptrend since breaking past $7,800 on Wednesday morning. Surging past resistance after resistance in the $7,000s, $8,000s, and most recently, the ever-important $9,000-level.

This extreme uptrend comes on the back of an increase in buying volume on retail exchanges such as Coinbase. Which temporarily crashed on Wednesday due to the flood of purchasing activity. Binance, too, has seen an increase in value, with the exchange reporting trading activity worth $11 billion in 24 hours.

Just minutes ago, BTC reached $9,100 at the time of writing this post — more than 17 percent higher than it was just 24 hours earlier.

This is the highest that been exchange by cryptocurrency. Since the first week of March, just before the capitulation case that brought Bitcoin to $3,700.

Though few shorts have been liquidated from $8,800 to $9,100 during this latest stretch, Skew.com data indicates that more than $90 million worth of BitMEX shorts has been liquidated over the past 24 hours.

It’s a remarkable development that shows few investors were expecting Bitcoin to surge so quickly and big.

What’s next for Bitcoin?

With few investors expecting the cryptocurrency to rise too quickly, they’ve been searching for technical analysis to try and decide what’s next for Bitcoin.

One crypto trader noted that with Bitcoin breaking past the $7,800-8,000 resistance range. Which he called the point where bears will have their “last stand,” the odds have risen drastically on the upside.

In comparison, Bloomberg warns of an impending correction.

In an article published when Bitcoin was trading in the mid-$8,000s, the outlet warned that the GTI Global Strength Indicator — a metric measuring the movement of an asset — recently printed a reading of more than 70 for Bitcoin.

Bloomberg cautioned, with a reading of “70” coinciding with the point at which assets theoretically overbought. That “it may be difficult for the token to notch additional gains in the short-run.”

What lead to this Uptrend

It’s hard to tell exactly what the collective crypto-diaspora is thinking, but analysts say that fundamental trends can be attributed to the recent price action.

In the above-mentioned article, Roch Rosenblum, co-head of trading at GSR. Told Bloomberg that the ongoing BTC rally predicated on the macroeconomic environment:

“This latest run past $8,000 is as much about positive macro sentiment as it is about the upcoming halving. We’re starting to have a lot more certainty. As more countries begin to share their plans to reopen the economy in May.”

Zac Prince, a co-founder of BlockFi, has echoed this optimism, and said that “current market dynamics are driving a bolstered interest [for] digital currency.” These dynamics he referenced were the commitment of the Federal Reserve to money printing and stablecoin growth.