Bitcoin short bets wiped out in $1 billion liquidations as focus turns to $90,000

As bitcoin broke above $86,000, more than $1 billion in short positions were liquidated, and $90,000 resurfaced as the market’s next target level.

On Sept. 22 (local time), blockchain outlet CryptoSlate reported bitcoin rose as high as $87,363 over the past 24 hours, the highest level since January.

The rise is significant because it pushed through the $82,000 to $86,000 band that had blocked the rally for months. Positions betting on a decline were concentrated in that range. Once the price broke the resistance, selling pressure instead turned into forced buying demand. CoinGlass data showed more than $1 billion in short positions were liquidated during the surge.

On-chain and derivatives indicators also reacted at the same time. Glassnode said bitcoin has recovered all key long-term moving averages it had stayed below for about 300 days. It also said bitcoin is trading above the True Market Mean and the short-term holder average cost basis, presenting that as a benchmark that separates a strong uptrend phase.

Network activity also expanded. Bitview data showed more than 1,000,000 bitcoin moved over the past week, worth more than $92 billion. That was the biggest transaction volume in the past four years and exceeded the activity level seen near the October 2025 peak.