On September 21, Bitcoin prices exceeded $85,000 for the first time since late January. On the Binance exchange, the rate reached $85,228, with the asset trading around $84,600 shortly after. The cryptocurrency recorded a 5.2% increase over the 24-hour period.
The total market capitalization of digital assets reached $2.87 trillion. Market liquidations over the last 24 hours neared $750 million, with approximately $648 million attributed to long positions. Analyst Darkfost noted that the liquidation of nearly $400 million in Bitcoin shorts acted as a key catalyst for the price surge.
Alex Thorne, head of research at Galaxy, highlighted that Bitcoin closed the week above its 50-week moving average for the first time in 45 weeks. Historically, reclaiming this level has served as a signal that bear market lows have been established. Analyst Joe Consorti added that this indicator suggests a 75% probability that the market cycle bottom has been reached.
