You can also read this news on BH NEWS: Bitcoin’s Next Critical Threshold: What Lies Ahead? Bitcoin is nearing a significant threshold as it trades at $80,900, moving towards a potential liqu
You can also read this news on BH NEWS: Bitcoin’s Next Critical Threshold: What Lies Ahead?
Bitcoin is nearing a significant threshold as it trades at $80,900, moving towards a potential liquidation zone that could trigger a wave of forced closures of short positions. On-chain analytics firm Glassnode suggests that reaching the $83,000–$86,000 range might expedite Bitcoin’s upward movement by driving these liquidations. Recent market recovery has reflected positively on altcoins and shares of companies holding crypto assets on their balance sheets.
The crucial $83,000–$86,000 range has been identified by Glassnode in its analysis released on September 18, pinpointing it as a major area for short position liquidations. These positions appear to have accumulated over several weeks. A surge in Bitcoin’s price to this range could heighten the upward pressure, causing a flurry of short position closures.
Alex Thorn highlighted Bitcoin’s strength, noting its presence above the 50-week moving average. He emphasized that historically, surpassing this figure has served as a reliable indicator of a bear market bottom, adding that a weekly close above the average on Sunday would reinforce this view.
Meanwhile, a prominent crypto whale known as “Set 10 Big Goals First” reiterated his belief that should Bitcoin hold steady above $80,000, it could aim for the $100,000 mark. His social media comments described this period as a “last entry opportunity”, reflecting his personal price outlook.
According to CryptoAppsy data, NEAR Protocol soared by 31.11% in the past 24 hours, with Arbitrum jumping 29.84%, Uniswap climbing 25.12%, and Aptos gaining 20.76%. Ether.fi appreciated by 18.26%, while Jupiter and Injective rose by 17.40% and 17.29%, respectively.
Bitcoin’s resurgence above $80,000 coincided with impressive stock price gains for crypto-focused treasury firms. BIT.com data shows the following changes in share prices:
The upbeat market sentiment is also bolstered by the U.S. Securities and Exchange Commission’s (SEC) recent approach to digital asset regulations. The SEC proposed a temporary five-year allowance for tokenized share trading on September 17, hinting at broader adoption of blockchain infrastructures due to potential increased tokenized transaction activities.
Tom Lee, Chairman of Bitmine, expressed confidence in the industry’s continued growth regardless of the CLARITY Act’s status. According to Lee, inherent demand for cryptocurrency outstrips the need for a single legislative framework, emphasizing that CFTC and SEC’s regulatory roles will persist, drawing parallels to how prediction and sports betting markets thrive despite regulatory ambiguity.
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