Bitcoin Tops $84,000 After Weekly Close Above 50-Week Average

Bitcoin briefly topped $84,000 on Sept. 21, reaching its highest level since Jan. 31. At the time of writing the token traded near $83,869, about 3.18% higher on the day. Earlier in September, Bitcoin’s demand metric turned negative as the price stalled near $77,000, before the latest rebound.

Market-data firm CoinGlass reported large liquidations during an hour-long price swing: roughly $262.30 million of short positions were wiped out, with $271.83 million in total liquidations across the crypto market during that hour. Long positions accounted for about $9.53 million of the hourly total.

Bitcoin made up $218.55 million of the hourly liquidations. Ethereum posted $26.47 million and Solana $8.92 million. Over 12 hours CoinGlass recorded $433.67 million in liquidations and $599.15 million over 24 hours, affecting 127,304 traders. The largest single closed order in the period was a Binance Bitcoin perpetual position valued at $11.29 million.

The price action followed Bitcoin’s first weekly close above its 50-week moving average in 45 weeks. The week ending Sept. 20 closed at $81,159, roughly 3% above the 50-week average near $78,786.

Gains spread across other tokens: XRP rose about 7.04% over 24 hours, Solana gained 6.67%, and Zcash led the top 10 with a 33.50% weekly increase.

Alex Thorn, head of firmwide research at Galaxy, characterized the weekly close as ‘a key signal that the bear market low is in.’ Traders and institutional observers will monitor whether buying continues or if prices retrace.