$BTC Just Squeezed the Shorts
I was watching BTC around $76K and honestly didn't expect this kind of move this quickly. It went from roughly $77.9K to above $80.5K on the Bybit futures chart, and the reason is more interesting than the 4.7% green candle.
A big part of the move looks like a short squeeze. More than $247M in crypto shorts were liquidated across Sept. 17–18, including around $66M in BTC shorts. At the same time, U.S. spot BTC ETFs returned to net inflows after two heavy outflow sessions.
So what happened was basically a chain reaction: BTC defended the $76K area, reclaimed $78K, shorts started getting forced out, and that buying pushed price through $80K.
Now I'm more interested in what happens after the squeeze.
BTC already touched $80,550 on your chart. If $80K turns into support, this move starts looking much healthier. If BTC quickly loses $80K, I'd be careful about calling this a genuine breakout because part of today's strength came from forced buying.
The squeeze created the move. Now buyers have to prove they can hold it.
I was watching BTC around $76K and honestly didn't expect this kind of move this quickly. It went from roughly $77.9K to above $80.5K on the Bybit futures chart, and the reason is more interesting than the 4.7% green candle.
A big part of the move looks like a short squeeze. More than $247M in crypto shorts were liquidated across Sept. 17–18, including around $66M in BTC shorts. At the same time, U.S. spot BTC ETFs returned to net inflows after two heavy outflow sessions.
So what happened was basically a chain reaction: BTC defended the $76K area, reclaimed $78K, shorts started getting forced out, and that buying pushed price through $80K.
Now I'm more interested in what happens after the squeeze.
BTC already touched $80,550 on your chart. If $80K turns into support, this move starts looking much healthier. If BTC quickly loses $80K, I'd be careful about calling this a genuine breakout because part of today's strength came from forced buying.
The squeeze created the move. Now buyers have to prove they can hold it.
