Bitcoin, XRP and Solana All Gained Over 10% Last Week, Then Fell Together in a Day. Was That their Peak?

Bitcoin, XRP, and Solana surged more than 10% in a single week, then gave it all back in a single day. Whether that selloff was a speed bump or a signal depends on one critical price level.

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Bitcoin (CRYPTO:BTC), XRP (CRYPTO:XRP), and Solana (CRYPTO:SOL) all gained more than 10% last week. However, they fell together on September 24, with XRP down 6.9% and Bitcoin and Solana down about 2% each. As of September 25, they had bounced back, with Bitcoin trading at $84,403, XRP at $1.55, and Solana at $117. So, the question remains: Was September 23 the peak for Bitcoin, XRP, and Solana?

Forced Short Closes and ETF Money Carried the Week to September 23

The week of September 23 kicked off with strong momentum, largely driven by Bitcoin’s first weekly close above its 50-week moving average in 45 weeks. Many traders use this average as a trend line to distinguish falling from rising markets.

A significant factor in the recent price hike was the closing of short positions. On September 21, exchanges forced the closure of about $300 million in short positions in just an hour. A short position is a trade that profits from falling prices; closing one requires buying back the asset, which pushes the price higher until shorts are cleared out.