Bitcoin rose by approximately $2,000 over an eight-hour period, climbing from lows near $76,300 to exceed the $78,000 threshold. This movement followed a wave of forced liquidations of leveraged bearish positions.
Across crypto markets, short positions totaling more than $247 million were liquidated on September 17 and 18. Specifically, Bitcoin short liquidations reached approximately $66 million, while long liquidations amounted to roughly $32 million.
During early trading on September 18, Bitcoin fluctuated between $77,400 and $78,300, recording 24-hour gains of 1.3% to 2.3%. Analysts had previously identified the $77,500 to $78,000 zone as a significant pressure point due to high short interest.
The price action follows a 25-basis-point interest rate hike by the Federal Reserve on September 16 and 17. This decision initially caused Bitcoin to drop below $76,000 as risk assets experienced a broad sell-off.
