Price squeezed higher through London and into the early New York session, running from 77,500 to 81,000 in a matter of hours and taking out the February open at 78,343 along the way. That clears Monday's range entirely and puts price back at 81,000, the level that rejected it twice in late August. Short liquidations drove the initial push, with open interest climbing as leveraged longs joined and spot CVD rising underneath, so there is real accumulation here rather than only forced buying. Price is now retesting May's value area high at 81,350 with the late April swing high at 82,770 above.
🟢 September 3, 12:18pm ET
Price squeezed higher through London and into the early New York session, running from 77,500 to 80,900 in a matter of hours.
That puts it back at 81,000, the level that rejected it twice in late August. Whether it reclaims there is the whole question now.
The move went straight through the February open at 78,343 and is now retesting the top of the local range near 81,500.
A push through 82,000 would be the first sign of real buyer initiative behind this rather than a squeeze, and would set up the next leg.
Price has escaped Monday's range entirely, and the 79,230 high it was fighting this morning now sits below as support.
Next overhead is the late April swing high at 82,770, then the yearly open at 87,600. That is the map if this move holds.
Price has cleared August's value area entirely and is now retesting May's value area high at 81,350.
That is the top of the last distribution built before the summer breakdown. Acceptance above it is what turns this from a squeeze into a trend.
Short liquidations drove the initial push, and open interest has climbed with it as leveraged longs joined. Spot CVD is rising too, so there is real accumulation underneath rather than only forced buying.
The question is whether resting bids hold a pullback, or sellers reload and take today's gains back.
Dominance has climbed steadily since the start of August while alts as a share of the total market sit flat, so the rotation is into Bitcoin rather than out along the risk curve.
Among the majors Solana is the standout at plus 11 percent on Bitcoin. Bitcoin has also clawed back ground on gold, oil, silver and Nvidia.
Services PMI came in at 55.4 against 54.3 expected, a point above consensus and up from the prior 54.1.
Payrolls and the unemployment rate land tomorrow.
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Yesterday's low held just above 76,300 and price spent the morning grinding back through 77,000 and 78,000 before the move accelerated. Through London and into the early New York session it ran from 77,500 to 81,000 in a matter of hours, straight through the February open at 78,343 and clear of Monday's range. The 79,230 high it was fighting at the open now sits below as support, and price is back at 81,000, the level that rejected it twice in late August.
The value picture inverted with it. Price has cleared August's value area entirely and is retesting May's value area high at 81,350, the top of the last distribution built before the summer breakdown. Acceptance above that is what would turn this from a squeeze into a trend. Above sits the late April swing high at 82,770 and then the yearly open at 87,600, with a push through 82,000 the first real sign of buyer initiative rather than forced covering.
Positioning explains the mechanics. Short liquidations drove the initial push, open interest climbed with it as leveraged longs joined, and spot CVD rose underneath, so there is genuine accumulation alongside the forced buying. The open question is whether resting bids hold a pullback or sellers reload and take the day's gains back. Dominance has climbed to plus 2.1 percent on the month while alts as a share of the total market sit flat, so the rotation is into Bitcoin rather than out along the risk curve. Services PMI came in at 55.4 against 54.3 expected, and payrolls land tomorrow.