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XRP Bitcoin exceeded US$81,000, and short positions exceeded US$415 million in a single day.
Bitcoin prices exceeded US$81,000 after Federal Reserve Governor Christopher Waller hinted that interest rate cuts might be supported. This statement reduces the possibility of raising interest rates in September. Affected by this, more than US$415 million in short positions in the crypto derivatives market were closed in a single day.
Waller's remarks in an interview ignited market momentum. He said he would tend to support keeping interest rates unchanged if current inflation data continued to improve. In less than an hour, interest rate traders reassessed the possibility of a rate hike at the September 15 - 16 Fed meeting in the CME Fed Observation Tool, with the probability falling from 63.2% to 50.4%. The tool evaluates the likelihood of central bank action based on futures prices.
Borrowing costs have dropped significantly. The yield on the 10-year U.S. Treasury bond, which had climbed to its highest level since November 2023 a day earlier, fell back to 4.73%. The previous week, Federal Reserve Chairman Kevin Walsh delivered a hawkish tone in Jackson Hole, which caused Bitcoin to fall to $76,877 and pushed the probability of a rate hike to 56%. Compared with last week, this trend can be called a strong reversal.
Bitcoin short losses US$415 million
Those hardest hit were short positions betting on further price declines. CoinGlass data showed that more than $500 million was cleared in one day, of which nearly $327 million in short positions were cleared within an hour of the price surge. Another more than $164 million of short liquidations occurred in four hours, while long positions were cleared at just $7.3 million. This brought the total market-wide clearing amount to US$510 million, of which approximately US$415 million of short positions were closed.
Not only has Bitcoin benefited from this rise, Ethereum is also approaching US$2,500, an intraday gain of about 2.2%. Ripple prices rose by about 6% in 24 hours. The U.S. stock market also rose, with the Dow Jones Industrial Average rising hundreds of points.
US$83,000 is the line of defense for analysts
Not everyone sees this rally as a bullish signal. Some analysts view the current trend as a "bull trap" and point to resistance near $83,000-an area linked to supply from long-term holders. Given the lack of institutional interest in buying spot, analysts believe this relief rally could turn into a distribution process, in which momentum traders provide liquidity to large players. The key level to break through is $83,000. Bitcoin made several attempts to break through this area during 2026, but none were successful.
Bitcoin prices have risen nearly 6% in the past 24 hours. As of press time, the average trading price of BTC was US$81,608.
