Bitcoin climbed toward $87,000 on Friday after breaking through heavy sell orders around $85,000. BTC reached $86,857 on Bitstamp, its highest level since Sept. 23, before pulling back below $86,000.
The move triggered significant short liquidations, with Bitcoin short positions worth $122 million liquidated over 24 hours. Total crypto short liquidations reached about $210 million. CoinGlass data also showed a concentration of potential liquidations above $87,000.
Glassnode said reduced sell-side liquidity could allow Bitcoin to move higher, while stronger ETF inflows would provide further confirmation of sustained demand. US spot Bitcoin ETFs recorded $102.7 million in net inflows on Oct. 1, with BlackRock’s IBIT attracting $195 million despite outflows from other funds.
The $86,000 area remains important as the aggregate breakeven level for US spot Bitcoin ETF investors. Glassnode noted that higher trading volumes and renewed ETF inflows would strengthen confirmation of the current Bitcoin uptrend.
