Bitcoin nears $87K as short liquidations top $120M

Bitcoin climbed to $86,857 on Bitstamp on Friday before slipping back below $86,000, according to TradingView data. That was its highest level since Sept. 23. The advance came as BTC short liquidations over 24 hours reached $122 million, while the cross-crypto total hit $210 million.

The rally followed shifts in exchange order-book liquidity. A cluster of sell orders near $85,000 had held Bitcoin in a range during the week, but buyers pushed through that level, according to Glassnode. Glassnode said on X that reduced ask liquidity above could allow faster price movement and that remaining sell orders appeared to have been removed.

Earlier in the week, Cointelegraph reported more than $30 million in sell orders near $85,700. After the breakout, CoinGlass data showed a concentration of possible liquidations above $87,300, indicating liquidation exposure was building at higher prices.

Around $86,000 remains important because it is the aggregate breakeven zone for investors in US spot Bitcoin ETFs. On Oct. 1, these ETFs saw $102.7 million in net inflows, according to Farside Investors. BlackRock's iShares Bitcoin Trust attracted $195 million, but outflows from other funds reduced the overall daily total.

Glassnode's The Week Onchain newsletter said a sustained breakout would need higher trading volume and renewed ETF inflows to confirm broader support for Bitcoin's uptrend. Daily flows have slowed since Sept. 21, when they hit $999 million, the highest in nearly a year. Glassnode noted funds are still buying but at a much smaller pace, and a return to inflows near that level would be the clearest sign of renewed ETF demand.