By Isaac • September 19, 2026 3:16 pm •
Bitcoin is back above $81,000, and the next stretch of road could be even faster than the climb that got it there.
The reason is not a sudden wave of calm, patient buyers. A dense pocket of short positions is sitting above the market, creating the conditions for another forced-covering rush if Bitcoin pushes higher.
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Decrypt reported that Bitcoin’s sharpest five-day rally in two years gained 24.6% while coin-denominated open interest fell 12.6%. Roughly 64,000 BTC in open interest disappeared during that move, and short positions accounted for 89% of liquidated dollars.
The figures came from a joint Glassnode and Bybit derivatives report using data through August 23 across four crypto-native venues. The same report found
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