Bitcoin reclaimed $85,000 for the first time since January, recovering from a low near $76,000. This move was primarily driven by massive short liquidations totaling $611.99 million on BTC within 24 hours, out of $1.06 billion in total crypto liquidations. Significant inflows into Binance, with approximately 4.6K BTC deposited around September 15th and an additional 2.4K BTC on September 21st, were absorbed by sustained demand. However, once short positions are cleared, Bitcoin will need genuine spot demand to defend the $85,000 breakout and avoid another pullback from rising leverage.
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