Bitcoin extended its sharp rally on September 21, reaching $86,000 after breaking through several resistance levels. The move was accompanied by a large wave of short liquidations, with more than $576 million in short positions wiped out across the crypto market over the past 12 hours.
According to TradingView, Bitcoin briefly climbed above $86,100 on Binance. The asset was trading at around $81,500 earlier in the morning, meaning its price gained roughly 5.5% within several hours.
BTC/USDT chart on Binance. Data: TradingView.
The rally extended a move that began earlier the same day. Bitcoin first surged past $82,000 and $84,000, held above the latter level after a brief pullback, and then reached a new local high above $86,000.
Crypto liquidations approach $900 million
According to CoinGlass data at the time of writing, forced liquidations over the past 12 hours reached $668.81 million. Shorts accounted for $576.15 million of that amount, while long positions accounted for just $92.66 million.
Over 24 hours, total liquidations reached $877.29 million. Short positions accounted for $740.74 million, or about 84% of the total. Overall, 126,084 traders had their positions liquidated during the period.
Crypto market liquidations. Data: CoinGlass.
Bitcoin accounted for the largest share of liquidations at $446.4 million. Ethereum liquidations totaled $106.84 million, while Solana accounted for $19.97 million. The largest single liquidation occurred on Binance in the BTC/USDT pair and was worth $11.29 million.
The rapid closure of short positions may have further accelerated the price move, as exchanges are forced to buy the underlying asset when liquidating shorts. However, the sustainability of the rally will depend on whether demand remains strong after the current wave of liquidations subsides.
Bitcoin holds above key resistance
On the 15-minute BTC/USDT chart, the main upward move began after the price broke through the $82,000 zone. Within roughly two hours, Bitcoin climbed above $85,000, briefly pulled back to around $84,200 and then resumed its advance.
At the time of writing, Bitcoin was trading near $86,000. The rally was accompanied by a notable increase in trading volume, particularly during the initial surge above $82,000.
Meanwhile, Strategy has once again increased its Bitcoin holdings. The company purchased 950 BTC for $75.7 million while also spending $174 million to repurchase STRC preferred shares.
Earlier, we reported that Pepe surged more than 15% amid stronger speculative demand and rumors of institutional interest. The asset ranked among the crypto market's top performers.
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