Bitcoin reached a price of $85,111 on Monday morning, marking a 5.7% increase over 24 hours. This movement followed a period where the asset consistently traded above $75,000 despite several macroeconomic events, including a Federal Reserve rate hike and the rejection of the Clarity Act.
The market saw $648 million in crypto short positions liquidated within a 24-hour window. According to CoinGlass, short sellers accounted for the majority of the $770 million in total liquidations during this period. Specifically, over $230 million in Bitcoin short positions were closed as the price surpassed $80,000.
Spot buying activity pushed the price through resistance levels at $82,000 and $84,000. Data from SoSoValue indicates that spot Bitcoin ETFs recorded a net inflow of $6.2 million for the week, following a net outflow of $462.7 million in the previous week.
Analysts note that sellers appear to be exhausted, with Glassnode metrics showing selling pressure dropping to record lows by September 20. Market participants are now focused on upcoming economic indicators, including the PCE report on September 30, jobs data on October 2, and CPI figures on October 14.
