Bitcoin Price Today, September 22: Bitcoin extended its sharp recovery on Monday, climbing above the $87,000 mark to hit an eight-month high, as a broad risk-on move across global markets lifted demand
for cryptocurrencies.
The world’s largest cryptocurrency has gained sharply in recent sessions, helped by renewed institutional demand, positive flows into spot Bitcoin exchange-traded funds (ETFs), falling crude oil prices and a short squeeze in the derivatives market.
Prateek Gupta, head of business at Mudrex, said, “Bitcoin has surged above $87,000, reaching an eight-month high as a broad risk-on move lifted equities and crypto after the US Fed’s tone was seen as more dovish than expected. Falling oil prices, driven by diplomatic signals involving the US, Iran and China, also eased inflation concerns and supported risk appetite.”
The rally was further amplified by short liquidations, with more than $1 billion worth of crypto positions liquidated over 24 hours, he added.
Bitcoin is now up about 44% in the quarter, according to Mudrex, marking its strongest quarterly performance since the fourth quarter of 2024.
Bitcoin rally: ETF inflows, corporate buying support BTC
Institutional and corporate demand has also provided support to Bitcoin’s latest move. Strategy, the world’s largest corporate holder of Bitcoin, bought another 950 BTC for about $75.7 million, taking its total holdings to 846,000 BTC. The company paid an average of $79,670 per Bitcoin for the latest purchase.
Strive also bought 1,355 BTC for about $107.7 million, taking its holdings to 26,355 BTC. Together, Strategy and Strive added 2,305 BTC last week.
Bitcoin ETFs have also seen renewed demand. Spot Bitcoin ETFs recorded roughly $435 million of net inflows on Friday, according to market data cited by recent reports, while another estimate from Delta Exchange puts ETF inflows at nearly $617 million.
Short squeeze adds fuel to Bitcoin rally
The sharp rise in BTC has also been accompanied by heavy short liquidations. CoinSwitch in its note said, “BTC has extended its rally to above $87K after breaking above the $82,000 resistance, with roughly $750 million in short positions liquidated as bearish positions were squeezed out. ETF flows have also turned positive, supporting the move, while futures open interest has risen by around $2 billion, indicating fresh leverage entering the market.”
Mudrex put total crypto liquidations over 24 hours at more than $1 billion, highlighting the role of leveraged positioning in accelerating Bitcoin’s move.
At the same time, futures open interest has risen by around $2 billion, according to CoinSwitch, suggesting that fresh leverage is entering the market. This could keep volatility elevated if the rally loses momentum.
Bitcoin price: Key levels to watch
According to Mudrex, $89,500 is the immediate resistance level, while $82,000 is an important support zone.
CoinSwitch said traders are watching the $87,000-$90,000 range, with the sustainability of spot demand likely to be important as leverage increases.
Piyush Walke, derivatives research analyst at Delta Exchange, said, “Adding further momentum, Bitcoin ETFs recorded nearly $617 million in inflows, providing an additional tailwind for the rally. The September 2026 rally has also been accompanied by a golden cross, a technical signal in which the 50-day moving average moves above the 200-day moving average.Looking ahead, the $92,000–$93,000 area represents the next major supply zone.”
The latest technical setup has also strengthened, with Bitcoin forming a golden cross, where the 50-day moving average moves above the 200-day moving average, according to Walke.
Ethereum price
Ethereum has also maintained a strong technical structure, with ETH trading around $2,750 after breaking above the $2,550 resistance level, Walke said.
The cryptocurrency remains above its major exponential moving averages, while its RSI is around 70, indicating strong momentum. Following the breakout, $2,550 has emerged as the key support level to watch.
