Bitcoin (BTC) briefly crossed $84,000 on September 21, its first trip to that level since January 31. The move liquidated $262.30 million of short positions in a single hour, according to CoinGlass.
The asset changed hands at $83,869 at the time of writing, a gain of 3.18% on the day.
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Bitcoin (BTC) Price Performance. Source: TradingView
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Bitcoin Rallies to Eight-Month High, Wiping Out Shorts
CoinGlass recorded $271.83 million of total liquidations across the crypto market in the hour. Long positions accounted for only $9.53 million of that.
Bitcoin carried $218.55 million of the hourly figure. Ethereum (ETH) followed with $26.47 million, while Solana (SOL) added $8.92 million.
The pressure held over longer windows. Liquidations reached $433.67 million over 12 hours and $599.15 million over 24 hours, hitting 127,304 traders. The largest single order was a Binance Bitcoin perpetual worth $11.29 million.
Crypto Liquidations. Source: CoinGlass
The rally reached the wider market. XRP rose 7.04% over 24 hours, and Solana gained 6.67%, while Zcash (ZEC) led the top 10 with a 33.50% weekly gain.
The milestone came after Bitcoin recorded its first weekly close above a 50-week moving average in 45 weeks. The asset ended the week of September 20 at $81,159, around 3% above the average near $78,786.
Alex Thorn, head of firmwide research at Galaxy, reads the close as a key signal that the bear market low is in.