Bitcoin Bounces Near $84,000 After Trump Ceasefire Claims Drive Short Squeeze
Bitcoin (BITSTAMP:BTCUSD) rallied toward the $83,800 to $84,000 range after public statements from Donald Trump claiming an immediate Russia-Ukraine energy ceasefire. The move triggered a sharp short squeeze, forcing about $70 million in short position liquidations within four hours, compared to just $6.9 million in long liquidations. Total 24-hour crypto liquidations surpassed $166 million, while Bitcoin open interest grew by approximately 1.27%.
Despite the price bounce, underlying market metrics point to broader caution. U.S. spot Bitcoin exchange-traded funds recently registered net outflows of roughly $679 million amid low trading volumes and light participation from new cash. Long-term holders continue to dominate the asset's overall supply, holding about 16.64 million Bitcoin, or roughly 83% of the total. Meanwhile, public companies hold 1.29 million Bitcoin, led by MicroStrategy with approximately 848,000 Bitcoin.
Traders are monitoring immediate price bounds, with support established between $82,000 and $83,000 and resistance sitting near $84,000 to $85,000. A break under $82,000 could open tests toward $80,000 or lower. Over $11.8 billion in options contract notional value lies ahead of October expiries, while technical momentum remains mixed with the relative strength index near 52 and a key long-term threshold at the $58,525 level.
Key points
- Bitcoin rallied toward $84,000 following public comments regarding a Russia-Ukraine energy ceasefire.
- Short traders suffered roughly $70 million in liquidations over a four-hour window as prices bounced.
- U.S. spot Bitcoin ETFs recently posted net outflows of approximately $679 million amid low trading volume.
- Long-term holders keep roughly 16.64 million Bitcoin, representing about 83% of the total supply.
- Immediate support sits between $82,000 and $83,000, with resistance facing the $84,000 to $85,000 range.
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How we writeDisclaimerQuestions and answers
Why did Bitcoin price jump to $84,000?
Bitcoin moved up toward $84,000 following public comments by Donald Trump about an immediate Russia-Ukraine energy ceasefire, which triggered roughly $70 million in short liquidations within four hours.
What are the key support and resistance levels for Bitcoin?
Immediate technical support for Bitcoin lies between $82,000 and $83,000, while resistance is located between $84,000 and $85,000. A breach below $82,000 could test lower levels between $80,000 and $81,000.
How much Bitcoin do ETFs and long-term holders own?
Long-term holders own roughly 16.64 million Bitcoin, accounting for about 83% of the total supply. Spot ETFs hold around 1.48 million Bitcoin, though recent net outflows reached approximately $679 million.