BTC ran from $75K to $87K, but today looks very different
I've been trying to piece together Bitcoin's September move because it doesn't really look like one smooth rally. BTC was around $75K on the 16th, pushed through $80K on the 18th, sat there for a couple of days, then suddenly jumped over $87K on the 21st. Now we're back around the mid-$80Ks. The short liquidations explain part of the acceleration, but I'm wondering how much of this was actual spot demand versus traders getting caught on the wrong side. The ETF inflows seem like a bigger piece of the story to me. What are you guys watching now, whether BTC holds this range, or whether that $87K move was mostly a squeeze?
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I was thinking the same thing about the squeeze. That move from 80 to 87 felt way too fast. But I don't think the whole move was just shorts getting wiped out. There was plenty of buying before that too.
I'm more curious about the ETF part. If money was actually coming into the funds while BTC was moving up, wouldn't that make the move a little more convincing than a pure liquidation rally?
I didn't even realize we moved that much since the 16th lol. I was mostly watching BTC around 80K and then suddenly everyone was talking about 87K. Today's drop doesn't look that crazy to me after that.