$BTC hit the 8-month high at $87,395, then pulled back nearly $2,000 just after one night.
On the night of September 21, $BTC cleared out about $648 million worth of short orders within a few hours, pushing the price from the $81,000 area up to the $87,395 peak—the highest since January. This morning, the price has retreated to around $85,600.
Bloomberg and CoinDesk confirmed this was a real short squeeze: short sellers were forced to close positions en masse as the price broke through key resistance levels one after another.
Right as the price reversed, Michael Saylor’s Strategy announced an additional purchase of 950 BTC, bringing total holdings to 846,000 BTC—the first buy after several weeks of silence.
Even after the pullback, the price is still well above the previous peak area of around $81,000, so this is likely profit-taking after the steep rally, not necessarily a sign of a trend reversal.
One thing to watch today: whether $BTC can hold above $85,000, or whether it slips back into the old range.
Personal observation only, not investment advice.
#BTC #Bitcoin #Crypto #ShortSqueeze
On the night of September 21, $BTC cleared out about $648 million worth of short orders within a few hours, pushing the price from the $81,000 area up to the $87,395 peak—the highest since January. This morning, the price has retreated to around $85,600.
Bloomberg and CoinDesk confirmed this was a real short squeeze: short sellers were forced to close positions en masse as the price broke through key resistance levels one after another.
Right as the price reversed, Michael Saylor’s Strategy announced an additional purchase of 950 BTC, bringing total holdings to 846,000 BTC—the first buy after several weeks of silence.
Even after the pullback, the price is still well above the previous peak area of around $81,000, so this is likely profit-taking after the steep rally, not necessarily a sign of a trend reversal.
One thing to watch today: whether $BTC can hold above $85,000, or whether it slips back into the old range.
Personal observation only, not investment advice.
#BTC #Bitcoin #Crypto #ShortSqueeze
