Bitcoin Jumps $12,500 in Six Days on Two Explosive Sessions
Bitcoin's price surged by nearly $12,500 in just six trading sessions, from an intraday low of $74,912 on September 16 to a high of $87,397 on September 21. This represents an almost 17% gain.
The key jumps occurred on September 18 and September 21, accounting for about 95% of the total gain from the September 16 close to the September 21 close. The other four sessions saw little price movement.
Buyers stepped in to defend the $75,000 support level twice, but the following session showed almost no progress each time. A breakout occurred on September 18, with Bitcoin opening at $76,349, climbing to a high of $81,388, and closing at $80,875.
The true spike came on September 21, when Bitcoin opened at $81,160, peaked at $87,397, and closed at $86,595. Two forms of buying contributed to the price surge: forced buying from short liquidations and voluntary fund investments.