On September 21, the price of the leading cryptocurrency rose above $85,000, a level last seen at the end of January.
On Binance, the price reached $85,228. At the time of writing, the asset is trading around $84,600.
Analysts linked the rally to falling oil prices and a general rise in risk assets. Oil traders reacted to easing tensions between the U.S. and Iran, as Donald Trump suggested a meeting with President Masoud Pezeshkian at the UN General Assembly, which opens on September 22.
Bitcoin gained 5.2% over the day. Major altcoins showed comparable growth, with only TRON gaining less than 1%.
The total market capitalization of digital assets reached $2.87 trillion.
In the last 24 hours, the liquidation volume in the market approached $750 million, with approximately $648 million in long positions.
According to analyst Darkfost, the liquidation of nearly $400 million in Bitcoin shorts was a significant driver for the rise to $85,000.
BTC is entering a critical moment today, one that is creating doubt and putting real pressure on some investors.
That’s why I want to take a moment to walk through the current situation together, exactly as I see it through the data I work with every single day and that I’ve… pic.twitter.com/LighS2IdQ3
— Darkfost (@Darkfost_Coc) November 16, 2025
“This marks a trend reversal as it represents a break of the structure relative to the May high,” he added.
Technical Indicator
Alex Thorn, Head of Research at Galaxy, noted that Bitcoin closed last week above the 50-day moving average for the first time in about 10 months.
🟠 BTC CLOSES WEEK ABOVE 50-WEEK MOVING AVERAGE FOR FIRST TIME IN 45 WEEKS
regaining the 50w MA has historically served as strong confirmation that bear market lows are “in”
bitcoin is up 29% in 35 days pic.twitter.com/HzKVUrxMVz
— Alex Thorn (@intangiblecoins) September 21, 2026
“Historically, regaining the 50-WMA has served as strong confirmation that bear market lows are in,” Thorn noted.
In a study published in August, he showed that in four out of five completed bear phases, after reaching this mark, the price did not fall to new lows. The exception was the 2021-2022 downturn.
Analyst Joe Consorti confirmed that closing above the 50-WMA indicates a 75% probability of reaching the cycle’s bottom.
“Excluding the black swan event of the COVID crash, the accuracy is 100%. The bear is defeated. Welcome (preliminarily) to the bull market,” he wrote.
Earlier in September, Darkfost identified a signal of the end of the bear phase in the behavior of short-term Bitcoin holders.
