Bitcoin has decisively broken through the $84,000 resistance level, with market data revealing a massive wave of liquidations as short sellers were caught off guard by the sudden upward move. The leading cryptocurrency is currently trading at $83,869, marking a 3.18% gain on the day.

According to data compiled from exchange monitoring tools, total market liquidations reached $271.83 million within the past hour alone, with long liquidations accounting for a mere $9.53 million while shorts dominated the vast majority of forced closures. Breaking down the figures by asset, Bitcoin saw $218.55 million in liquidations, Ethereum recorded $26.47 million, and Solana posted $8.92 million during this period.

Expanding the timeframe reveals an even more pronounced picture: the 12-hour cumulative liquidation total stands at $433.67 million, which has climbed further to $599.15 million over 24 hours. The total number of affected traders across this window has reached an estimated 127,304 participants. The single largest liquidation event occurred on the Binance exchange, involving a Bitcoin perpetual contract valued at $11.29 million.

The upward momentum is now rapidly spreading to alternative cryptocurrencies. Ripple has advanced 7.04% over the past 24 hours, while Solana has gained 6.67% during the same period. Notably, ZEC leads the top ten performing assets with a remarkable 33.50% weekly increase, highlighting renewed investor appetite for high-beta digital assets.

On the technical analysis front, Bitcoin has achieved its first weekly close above the 50-week moving average in 45 weeks. The weekly close for the period ending September 20 was recorded at $81,159, approximately 3% above the 50-week average level of $78,786. Galaxy (GLXY.US) head of firmwide research Alex Thorn has weighed in, suggesting this close represents a significant indicator that the bear market low has already been established.