Bitcoin Surges to $86,958 on Yom Kippur Amid Short Liquidations
On September 21, Bitcoin surged past $86,958, rising by 7.23% in the previous 24 hours according to CoinGecko data. This rebound followed a recent selloff and coincided with Yom Kippur, where traders have historically observed market patterns like 'Sell Rosh Hashanah, buy Yom Kippur.' Although this pattern originated from stock markets, Bitcoin appeared to follow it as U.S. exchanges remained open for regular trading. The rally was also fueled by the liquidation of $647.9 million in short positions on Monday alone, with total Bitcoin liquidations reaching $746.6 million over 24 hours. Short sellers closing their bearish bets contributed to increased buying pressure and accelerated price gains as Bitcoin pushed past key levels like $85,000 and $86,000 after the U.S. stock market opened. The broader financial markets also saw a rise in stocks alongside falling oil prices and Treasury yields, which supported demand for risk assets such as technology shares.
Tickers: $BTC
Topics: Bitcoin calendar patterns short liquidations Yom Kippur effect