Bitcoin’s rebound above $80,000 on Sept. 18 extended a technology-led relief rally. The move coincided with yen weakness and followed a return to Bitcoin ETF inflows the previous day. The advance was already underway in European trading, hours before weak US economic figures offered a possible argument against further monetary tightening.
At press time, Bitcoin traded at $80,856, up 5.60% over 24 hours. The clearest explanation is a broader relief rally with an improving, but still tentative, demand signal. The timing points to a recovery in risk appetite, although it does not identify one decisive trigger.
Dow Jones reported Bitcoin at $78,309, up 2.3%, in early European trading, linking the rebound to Thursday’s technology-led recovery. The 10:54 a.m. BST dispatch described prices earlier that morning.
The equity backdrop was already firmer. Reuters reported Nasdaq 100 E-mini futures up 0.56% at 9:50 a.m. BST as lower oil prices eased inflation concerns. That supports the interpretation of Bitcoin participating in renewed appetite for risk, rather than reacting solely to an afternoon US announcement.
By the opening minutes of US stock trading, Bitcoin was above $79,000 with a gain of more than 4%, according to a Yahoo Finance report published at 3:13 p.m. BST.
The Bank of Japan announced its decision at 3:54 a.m. BST. A 7–2 majority approved a 1.25% overnight call-rate target, up from 1% and in line with expectations. The new setting takes effect Sept. 24.
The yen’s decline was consistent with relief rather than a shock from unexpectedly aggressive tightening. The BoJ’s daily observations showed the dollar buying 156.15–17 yen at 1 a.m. BST and 157.48–50 yen at 9 a.m. BST. The yen therefore weakened across the announcement window.
Reuters attributed that weakness to the two dissenters and guidance that disappointed traders expecting a more hawkish message. A weaker yen is consistent with relief over pressure on yen-funded positions. That remains a possible supporting mechanism, not evidence of money moving from those positions into Bitcoin.
The US policy backdrop also remained restrictive: Wednesday’s Federal Reserve decision was a quarter-point rate hike, as Dow Jones reported.
What supported the move, and what remains uncertain
US spot Bitcoin ETFs recorded net inflows of USD 159.5 million on Sept. 17, according to Farside Investors. BlackRock’s IBIT led the inflows, while withdrawals from other funds reduced the overall total.
That followed net outflows on Sept. 15 and 16. The positive session is evidence that demand through the funds improved before Friday’s advance, but one day does not establish a durable reversal.
The funds provide a concrete demand signal, but daily totals do not reveal when purchases occurred or establish the source of Friday’s buying.
At 2 p.m. BST US industrial production was reported unchanged for August, and manufacturing output fell 0.3%. The Federal Reserve release confirmed those results, while Trading Economics listed expectations for a 0.3% increase in each. At 3 p.m., the leading economic index fell 0.1%, against expectations for a 0.1% rise.
Weaker activity could reduce the case for additional tightening. But these releases cannot explain an advance already visible that morning. Nor was Friday simply a falling-yields story: Reuters reported the 10-year Treasury yield up 2.9 basis points to 4.976% before the US open.
Forced buying may have amplified the move, but the available measurements do not establish its contribution. CoinGlass showed about $230.6 million in total Bitcoin futures liquidations over 24 hours and $56.36 billion in open interest.
The liquidation total includes both sides of the market. A short squeeze would involve bearish positions being forcibly closed as prices rise. The available total, without a short-side breakdown or matching funding and open-interest changes, cannot show how much of Friday’s advance came from that process.
Thursday’s SEC tokenized-stock exemption also offered broader regulatory context. Its conditional relief concerns certain stock-trading venues and liquidity providers, rather than a Bitcoin-specific approval.
For the rally’s durability, repeated ETF inflows would be a clearer demand signal than a one-day rebound, while directional liquidation data could show whether forced buying is playing a substantial role. Friday’s sequence supports a relief rally; it leaves the balance between fresh demand and short covering unresolved.
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