Bitcoin closes in on $85,000 as bears get forced out

September 21, 2026 (MLN): Bitcoin jumped past $84,000, as a wave of forced buying by squeezed short sellers pushed the price higher and lifted crypto-linked stocks with it.

Currently, spot gold is up 3.56% to $84,225 an ounce as of [3:30 pm] PST, according to data reported by Mettis Global.

Furthermore, $313mn in crypto positions were liquidated.

Just over $300mn of that, roughly 96%, came from traders betting on a fall, as per coindesk.

Short sellers borrow to bet on falling prices and must post collateral to do so.

 Once a rising price eats through that cushion, the exchange closes the trade by buying the asset back. That buying adds to the upward pressure and triggers the next round of forced exits.

The setup was built on Friday, when the Fed raised rates by 25bps but signalled a softer path ahead than markets had feared.

Risk assets rallied on the news.

Bitcoin had peaked above $121,000 earlier in 2026, then slid through the summer to the mid-$60,000s.

The current move is a recovery from those lows, with plenty of room left above.

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