Bitcoin Soars 17% in Six Days, Driven by Two Key Sessions
Bitcoin's price surge from $74,912 to $87,397 in just six days was largely driven by two key sessions on September 18 and September 21. These days accounted for nearly 95% of the total gain, with each session contributing around $4,500 and $5,400 respectively.
The market saw a chain reaction of buying pressure triggered by forced short liquidations on September 21, which led to over $800 million in crypto positions being closed. This buying effect was further amplified by $999 million in inflows from U.S. spot Bitcoin funds on the same day, marking their best single-day performance in nearly a year.
While some market participants may be tempted to believe that the price surge was driven by consistent buying, it's essential to understand that this upward trend was fueled by specific triggers rather than steady demand. The key level to watch is the September 18 close of $80,875, as a close below it could signal that the gains were only temporary.