Bitcoin crosses $84K on September 21. This is its first trip to that level since January 31.
The move liquidated $339.67 million of Bitcoin short positions in a the Last 24hours. CoinGlass confirmed the data. At press time, BTC traded at $84,556. That is a gain of 3.18% on the day.
Why Bitcoin crosses $84K matters
CoinGlass recorded $749.02 million in total liquidations. Long positions accounted for only $101.64 million. Bitcoin carried $218.55 million of the hourly figure. Ethereum followed with $26.47 million. Solana added $8.92 million.
The pressure held over longer windows. Liquidations reached $581.53 million over 12 hours. They hit $749 million over 24 hours. This affected 127,304 traders. The largest single order was a Binance Bitcoin perpetual worth $11.29 million.
The rally reached the wider market. XRP rose 7.04% over 24 hours. Solana gained 6.67%. Zcash led the top 10 with a 33.50% weekly gain.
Bitcoin crosses $84K after key weekly close
The milestone followed a significant weekly close. Bitcoin recorded its first close above a 50-week moving average in 45 weeks. The asset ended the week of September 20 at $81,159. That is around 3% above the average near $78,786.
Alex Thorn is head of firmwide research at Galaxy. He reads the close as a key signal. He says the bear market low is in.
What this week holds for Bitcoin ETF inflows
Last week’s spot Bitcoin ETFs barely stayed positive. Ether funds broke a four-week inflow streak. The CLARITY Act vote and a Fed rate hike rattled markets. The stalled Senate bill on crypto token rules also weighed on sentiment.
Even at the weekend, there was a dip. Bitcoin climbed to $80,000, then Houthi strikes on Riyadh spooked markets. Oil, bonds, and equities had not reopened yet. Bitcoin recovered by Monday, rising 1.29%. Asian equities advanced, and oil slipped on hopes for Iran diplomacy.
Traders now face a packed week. A Trump-Xi summit lands Wednesday. Iran’s response to Saudi and Chinese pressure remains unresolved. The Fed has signaled at least one more rate move this year.
Higher price and lots of catalysts
Any catalyst could sway sentiment enough to move ETF flows again. This is especially true with price currently above $80,000.
Bitcoin funds needed a Friday rally just to stay positive last week. That leaves little room for another setback. Whether this week’s inflows can build on that momentum remains the open question. A fresh geopolitical shock could easily reverse it. BTC is pushing toward $82,000.
