Bitcoin Jumps 17% in Six Days as Forced Buying and Fund Inflows Drive Price Surge
Bitcoin surged by nearly $12,500 in six trading sessions, from an intraday low of $74,912 on September 16 to a high of $87,397 on September 21, an almost 17% gain. The key jumps on September 18 and September 21 accounted for about 95% of the total gain.
The price movement was triggered by forced buying from short liquidations on September 21, with over $800 million in crypto positions closed out in just 24 hours leading up to the rally. Additionally, U.S. spot Bitcoin funds pulled in $999 million that day, their best single day in nearly a year.
Bitcoin seemed to have found support near $75,000 twice before stalling, with buyers pushing the price back above this level on both occasions. However, momentum stalled again after these initial gains, with closes of $81,234 on September 19 and $81,160 on September 20.