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CoinGlass shows 84% of $877 million in 24-hour liquidations were shorts; holding the $79k–$80k weekly support band matters as PCE and jobs data approach.
Bitcoin pushed to $86,332 on Monday—its highest level since January—extending a one-month rebound from near $62,000 in mid-August to back above $80,000. The day’s candle opened at $81,152 and closed up 4.98%. The move narrows Bitcoin’s year-to-date loss to under 3%, though the asset remains more than 30% below the article’s cited October 2025 record above $126,000.
According to CoinGlass, crypto markets saw $877.31 million in liquidations over 24 hours, with $740.79 million—about 84%—from short positions. More than 126,000 accounts were liquidated, and the largest single order was an $11.29 million BTC/USDT position on Binance. Bitcoin accounted for $491.48 million of the total, and Ethereum for $195.11 million.
Analysis: The concentration of liquidations on the short side is consistent with a squeeze-led advance. In derivatives markets, forced short covering executes market buy orders, mechanically adding upward pressure. That flow can amplify upside but is inherently episodic; sustaining a trend typically requires new discretionary demand beyond forced covering.
The advance coincided with softer macro inputs cited by the source. Brent crude has declined for four consecutive sessions amid hopes Washington and Tehran can ease tensions around the UN General Assembly, and the U.S. 10-year Treasury yield has slipped back near 4.9% after recent highs. Lower yields reduce the opportunity cost of holding non-yielding assets like Bitcoin. A planned meeting between Donald Trump and Xi Jinping on September 24 is also on traders’ radar.
Positioning and technicals are stretched. The Relative Strength Index reads overbought, and the source flags $79,071 to $80,355 as a key support zone. A weekly close back below that band would undercut the bullish structure; holding above it keeps the path toward new highs intact. The article also notes BTC is testing resistance; a decisive break could open a run toward roughly $95,000 before encountering a major volume zone—an additional ~15% from current levels—though caution is warranted given the overbought reading.
Sentiment is divided. Bitwise CIO Matt Hougan told CNBC that “crypto winter” is over and suggested the start of a potentially strong bull market. The piece also notes that prior seasonal framings (e.g., “crypto spring”) have not always endured. On Myriad, a prediction market developed by Decrypt’s parent company Dastan, traders are pricing 50% odds that Bitcoin reaches $90,000 before month-end and 28% odds it touches $92,500.
What to watch: Bitcoin’s next moves hinge on catalysts outside crypto. The calendar includes a Trump–Xi meeting on September 24, the PCE inflation gauge on September 30, the September jobs report on October 2, and CPI on October 14. Tactically, the weekly close relative to the $79k–$80k band is the clearest near-term signal of whether this rally is transitioning from a squeeze into a sustained leg.
This content is for informational purposes only and does not constitute financial advice.
🧠 HafidWatch Take
Eighty-four percent of the $877 million in 24-hour liquidations came from shorts, indicating a squeeze-driven rally that can push prices higher but rarely sustains a trend on its own. To transform this spike into a lasting move, Bitcoin likely needs fresh buying interest or supportive macro conditions. The weekly close relative to the $79k–$80k support band offers the clearest signal: maintaining that level keeps the path open toward the $95k resistance area, while falling below it would suggest the squeeze is losing strength. Upcoming events like the Trump–Xi meeting and key economic reports add near-term uncertainty, underscoring the importance of external catalysts amid strong but potentially stretched momentum.
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