Bitcoin Hits $85,000 for First Time Since January Amid Risk Asset Rally
Bitcoin rose above $85,000 on September 21 for the first time since January. This price milestone was reached during a day when oil prices fell due to easing tensions between the US and Iran, leading to a general rise in risk assets. On Binance, Bitcoin's price peaked at $85,228.
The surge in Bitcoin's price was accompanied by similar gains for major altcoins, with TRON being an exception. The total market capitalization of digital assets reached $2.87 trillion, while the liquidation volume approached $750 million, with approximately $648 million in long positions.
Analyst Darkfost attributed the rise to the liquidation of nearly $400 million in Bitcoin shorts. Technical indicators also pointed to a trend reversal, with BTC closing above its 50-day moving average for the first time in about 10 months.