Bitcoin Breaks Through $82,000-$86,000 Short-Liquidation Zone, Fueling Rally
Minseung Kang
Summary
- On-chain analytics firm Glassnode said Bitcoin (BTC) broke through a short-position liquidation wall in the $82,000-$86,000 range.
- It said short positions betting on a decline in Bitcoin had accumulated for months in that range.
- With only limited price pullbacks in that zone, short sellers are buying back Bitcoin and helping fuel the uptrend.
Forecast Trend Report by Period
Bitcoin's rally steepened after it swiftly broke through a short-liquidation zone built up in the $82,000 to $86,000 range, according to an analysis.
On Sept. 21, on-chain analytics firm Glassnode wrote on X that "as expected, Bitcoin accelerated after breaking through the short liquidation wall."
Glassnode said short positions betting on a drop in Bitcoin had accumulated for months between $82,000 and $86,000. Because the price saw only limited pullbacks in that range, short sellers have been buying back Bitcoin to close their positions, further fueling the advance.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.