Bitcoin tops $80,000 in tech-led relief rally before weak US data
Bitcoin breaks $80,000 in relief rally
Bitcoin rose above $80,000 on Sept. 18, extending a tech-led relief rally that started in European trading hours before weak US economic data was released. At the time of writing, Bitcoin traded at $80,856, up 5.60% over 24 hours, according to CryptoSlate.
The move coincided with a weaker yen and followed a return to inflows into US spot Bitcoin ETFs the previous day. However, sources note that neither factor proves a direct cause of the rally.
Key numbers and timing
- Bitcoin was reported at $78,309, up 2.3%, in early European trading, according to Dow Jones.
- Nasdaq 100 E-mini futures rose 0.56% at 9:50 a.m. BST, as reported by Reuters.
- By the US market open, Bitcoin was above $79,000, up more than 4%, per a Yahoo Finance report.
- US spot Bitcoin ETFs saw net inflows of $159.5 million on Sept. 17, led by BlackRock’s IBIT, according to Farside Investors.
- About $230.6 million in total Bitcoin futures liquidations occurred over 24 hours, with $56.36 billion in open interest, per CoinGlass.
What the Bank of Japan decision shows
The Bank of Japan (BoJ) announced a 7–2 vote to raise its overnight call-rate target to 1.25% from 1%, effective Sept. 24. The yen weakened after the decision, with the dollar buying 156.15–17 yen at 1 a.m. BST and 157.48–50 yen at 9 a.m. BST. Reuters attributed the yen’s decline to two dissenting votes and guidance that disappointed traders expecting a more hawkish message.
Weak US data arrives after the rally
US industrial production was unchanged for August, while manufacturing output fell 0.3%, according to the Federal Reserve. The leading economic index fell 0.1%, against expectations for a 0.1% rise, per the Fed and Trading Economics. However, these releases came after Bitcoin’s advance was already visible that morning.
What is confirmed and what remains unclear
Confirmed: Bitcoin traded above $80,000 on Sept. 18; the BoJ raised rates; US spot ETFs saw inflows on Sept. 17; US data showed weaker activity.
Unclear: The exact cause of the rally. The sources note that one day of ETF inflows and mixed liquidation data do not establish whether the move came from fresh demand or short covering. Forced buying may have played a role, but the available data does not confirm its contribution.
Why it matters
The rally suggests renewed risk appetite in crypto markets, but its durability depends on repeated ETF inflows and clearer liquidation data. The sources emphasize that a single day of inflows is not proof of a lasting trend.
What happens next
Observers will watch for repeated ETF inflows and directional liquidation data to gauge whether the rally can continue.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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