Glassnode said on Sept. 21 that Bitcoin has accelerated through a dense short liquidation zone, in line with its earlier expectation. The firm said a large amount of short positioning had built up between $82,000 and $86,000 over the past several months, while previous pullbacks from that range had remained relatively shallow. With BTC now moving through that area, those short positions are turning into a source of upside pressure, according to Glassnode, because traders on the short side need to buy back Bitcoin to cover. The comment points to short covering, rather than a fresh catalyst cited in the post, as the mechanism supporting the move higher.
BlockBeats reported on Sept. 21 that Glassnode said BTC has accelerated through a dense short liquidation zone, matching its earlier expectation.
Glassnode said a large amount of short positioning had accumulated in the $82,000 to $86,000 range over the past several months, while earlier pullbacks from that zone were relatively shallow.
It said those short positions are now helping drive the move higher, as short traders need to buy back BTC to cover.
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