Bitcoin Surges Above May High as Short Liquidations Accelerate Advance

Bitcoin broke above its May swing high of $82,800 on September 21, reaching an intraday high of $84,257 before easing to around $83,800. The move beyond this resistance level coincided with a concentrated wave of short liquidations.

The one-hour figures showed that approximately $218.58 million in Bitcoin positions were closed during this period, with shorts accounting for nearly 97.3% of the total. This concentration of liquidations suggests that forced short covering accelerated the advance.

Over 24 hours, CoinGlass recorded $275.33 million in Bitcoin liquidations, with $256.65 million coming from shorts and $18.69 million from longs. The figures confirm that forced closures, not private stop orders, were driving the price higher.

The market's reaction to this test will be crucial in determining whether demand remains strong at these higher levels or if it was merely a result of forced short covering.