Bitcoin liquidates $23M in shorts as BTC price tags new September high
Bitcoin (BTC) extended volatility into the Sep. 8 Wall Street open as a classic “short squeeze” sparked new September highs.
Data from Cointelegraph Markets Pro and TradingView showed BTC price movements liquidating shorts and longs alike.
Bitcoin had seen upside momentum the day prior, this culminating in a trip above $26,400 after the daily close.
A subsequent comedown nonetheless took BTC/USD full circle, and the pair was back under the $26,000 mark at the time of writing.
Welp -- lets take out the lows again then eh? pic.twitter.com/EVeXRnuwJ6
The result was punishment for late traders chasing the market up and down. According to data from monitoring resource CoinGlass, short liquidations totaled $23.5 million for Sep. 7, with the Sep. 8 long tally not yet known.
“Shorts got hunted as expected,” popular trader Skew wrote in part of overnight market coverage on X (formerly Twitter).
$BTC Binance & Bybit Open Interest
Shorts got hunted as expected
note the OI added here with small price reaction and decreasing perp bid delta, this implies more shorts scaling into price on this second drive higher https://t.co/OULNlQrQof pic.twitter.com/X1hNlvjbdc
Fellow trader Daan Crypto Trades drew attention to the significance of reclaiming lost ground from August.
“Bitcoin Was finally able to break above the September monthly open after testing it numerous times. It is now retesting it,” he told X subscribers on the day.
CoinGlass data confirms that September tends to produce BTC price downside of close to 10%, with market expectations skewed appropriately for 2023.
Continuing, trader Crypto Tony dismissed the strength of the overnight move, advising that $26,600 was the line in the sand to cross.
Related: Bitcoin all-time high in 2025? BTC
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