Bitcoin Surges Past $80,000 Amid Short Seller Liquidations
- Bitcoin reached a high of $80,935 after trading near $76,400 the previous day.
- Approximately $183 million in short positions were liquidated within one hour.
- The cryptocurrency now faces resistance between the $81,700-$83,000 range.
- U.S. spot bitcoin exchange-traded funds recorded about $159 million in inflows on September 17.
- The Bank of Japan raised its policy rate to a historic high of 1.25%.
Bitcoin’s price surge past $80,000 was fueled by a rapid liquidation of short positions and substantial inflows into U.S.-based exchange-traded funds. The unexpected rise followed interest rate hikes by both the U.S. Federal Reserve and the Bank of Japan, which had initially pressured prices lower.
Despite initial bearish sentiment due to global economic factors, Bitcoin’s price recovery highlights its resilience and market dynamics driven by forced buying from short sellers’ liquidations.Source
