Bitcoin Tops $85K as $648M in Crypto Shorts Liquidated

In brief

• Bitcoin reached highs of $85,111 Monday morning, up 5.7% on the day.
• Brent crude hit a half-month low and the 10-year Treasury yield fell back below 5%.
• Some $648 million of crypto short positions were liquidated in 24 hours.

Bitcoin climbed to highs of $85,111 on Monday, up 5.7% over 24 hours and clear of a resistance band it had tested for a week, per CoinGecko data.

In one week Bitcoin absorbed a Federal Reserve rate hike, a Bank of Japan hike to a 31-year high, and the Senate's rejection of the Clarity Act, and at no point traded meaningfully below $75,000, Nexo analyst Iliya Kalchev told Decrypt.

$85.0k$81.8k$78.7k$75.5k

24h HighHigh$85,046

24h LowLow$80,414

VolVol$1.8B

Market projectionsOdds by Myriad

External pressure has since eased. Middle Eastern crude exports held up better than forecast, sending Brent to a half-month low, while traders priced in the prospect of U.S.-Iran talks at this week's UN General Assembly, and U.S. and Chinese officials met in New York to lay groundwork for a Trump-Xi summit on September 24.

The bond market mattered more, with the 10-year Treasury yield touching 5.014% on September 14, its highest since October 2023, on oil prices and inflation data still far above the Fed's 2% target, and spiking above 5% again on the day of the decision. Yields then fell across the curve, with the 10-year near 4.93% and the 2-year at 4.67%, as investors took Warsh's focus on inflation as credible.