Bitcoin climbs above $80,000 as short squeeze accelerates crypto rebound

  • Bitcoin reached $80,935 after rising from about $76,400 as leveraged short positions fueled the rebound.
  • About $192 million in one-hour crypto liquidations included more than $183 million in shorts, with bitcoin representing approximately $119 million.
  • Bitcoin faces resistance near $81,700-$83,000 after the Federal Reserve and Bank of Japan rate decisions and $159 million in spot ETF inflows.

Bitcoin rose from about $76,400 to $80,935 as leveraged short positions were forcibly closed, extending a rebound that had lifted it above $78,000 after a midweek dip below $75,000. About $192 million in crypto positions were liquidated within one hour, including more than $183 million in shorts; bitcoin accounted for approximately $119 million and ethereum shorts for another $36 million. The rally followed the Federal Reserve's 0.25-percentage-point rate increase, the Bank of Japan's decision to lift its policy rate to 1.25%, and the U.S. Senate's failure to advance the CLARITY Act. U.S. spot bitcoin ETFs recorded about $159 million in inflows on Sept. 17. DeFi and layer-2 tokens had led the initial rebound, with Starknet up 18%, Arbitrum 17% and Uniswap 13%, while bitcoin now faces resistance around $81,700-$83,000 and support near $80,000, $78,000, $75,000 and $74,500.

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Bitcoin climbs above $80,000 as short squeeze accelerates crypto rebound - CoinPost Terminal