Bitcoin reclaimed its 50-week moving average on Sept. 3, gaining more than 5% in 24 hours to touch $81,797 before easing back near $81,400. The breakout triggered roughly $229.56 million in liquidations, while the SEC separately cleared listed options on the WisdomTree Bitcoin Fund.
Bitcoin has pushed decisively back above its 50-week moving average, reclaiming a level Galaxy Research puts at roughly $81,041. The token climbed as high as $81,797 on the daily chart before pulling back to around $81,400. That marks a daily gain of more than 5% over 24 hours.
Bulls retake the 50-week ceiling
According to Galaxy Research: "all eyes" are on the 50-week moving average, a threshold Bitcoin spent much of the past year trading below. That level had already turned back an earlier breakout attempt, when Bitcoin reached $81,265 on Aug. 25 before getting rejected near what was then an $81,085 average.
This time, though, the asset produced a stronger daily candle through the same area, making Thursday's weekly close more significant. The moving average has acted as a "ceiling" in past bear markets, with weekly closes generally staying below it until the downturn neared its end, and bulls could next test the $82,000-$83,000 resistance zone.
Leverage floods the derivatives market
The breakout coincided with heavy activity in derivatives. CoinGlass data show Bitcoin's 24-hour futures volume near $84.74 billion, with open interest around $57.86 billion. That is a lot of leverage sitting in the market.
The unwind liquidated roughly $229.56 million in BTC positions over 24 hours. That included $214.81 million in shorts against just $14.74 million in longs.
SEC clears options on WisdomTree's Bitcoin fund
Separately, the SEC approved a Cboe Options Exchange rule amendment allowing listed options on the WisdomTree Bitcoin Fund, NewsBTC reported. The approval covers options on BTCW rather than the underlying ETF itself, giving institutional traders another regulated way to hedge and manage risk around Bitcoin exposure. However, the start of trading depends on exchange and clearing readiness rather than the approval alone.
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