Bitcoin Reaches Eight-Month High Amid Significant Short Liquidations
On September 21, Bitcoin reached a high of $85,326.10 according to CoinGecko, marking its highest level in eight months since late January this year. The cryptocurrency gained approximately 6% over the past 24 hours due to a short squeeze that led to forced buying. According to onchain analytics platform CoinGlass, around $383 million worth of Bitcoin short positions were liquidated within the same period. The bullish movement follows recent developments in U.S. crypto policy under the Trump administration. The SEC introduced a five-year “Innovation Exemption” for tokenized stock trading and issued no-action relief from the CFTC for certain software developers. Additionally, two key legislative bills were passed: the Digital Asset Tax Certainty Act by the House Ways and Means Committee and the American Reserve Modernization Act of 2026 to establish a strategic Bitcoin reserve. These regulatory developments come after Senate failed to pass the CLARITY Act and following the Federal Reserve's first interest rate hike since early 2023. The crypto market appears to be reacting positively, with broader short liquidations across cryptocurrencies reaching $781 million in total.
Tickers: $BTC