Bitcoin Tops $84K First Time Since January, $262M in Shorts Wiped Out

Bitcoin (BTC) made a brief move above $84,000 on September 21, its first time at that mark since January 31. According to CoinGlass, the jump erased $262.30 million in short positions within a single hour.

At the time of writing, the asset was trading at $83,869, up 3.18% on the day.

Bitcoin Hits Eight-Month High, Shorts Wiped Out

CoinGlass tracked $271.83 million in total liquidations across the crypto market during that hour, with long positions making up just $9.53 million of the total.

Bitcoin accounted for $218.55 million of the hourly figure. Ethereum (ETH) followed at $26.47 million, while Solana (SOL) added $8.92 million.

The pressure extended over longer periods. Liquidations climbed to $433.67 million over 12 hours and $599.15 million over 24 hours, affecting 127,304 traders. The largest single order was a Binance Bitcoin perpetual worth $11.29 million.

The rally spread across the broader market. XRP gained 7.04% over 24 hours, Solana rose 6.67%, and Zcash (ZEC) led the top 10 with a 33.50% weekly increase.

The milestone followed Bitcoin's first weekly close above its 50-week moving average in 45 weeks. The asset ended the week of September 20 at $81,159, roughly 3% above that average near $78,786.

Alex Thorn, head of firmwide research at Galaxy, interprets the close as a strong sign that the bear market low is in.