Bitcoin Price Soars as Shorts Liquidate Amid Intraday Rally

Bitcoin's price surged by 1.35% in just one hour to reach $84,173 at 1:27 p.m. ET on September 29.

This sudden jump extends a sharp intraday move and leaves the cryptocurrency down 0.49% over the past 24 hours.

According to publicly available Binance spot BTC/USDT prices, Bitcoin's price rose from $83,050 just an hour earlier.

A significant portion of this increase can be attributed to shorts being liquidated across major exchanges like Binance, Bybit, and OKX, totaling $8.15 million in short positions.

Notably, there were no long liquidations reported during the same hour.