Bitcoin Nears $87,000 as Short Liquidations Top $120 Million

Bitcoin reached $86,857 on Friday before falling below $86,000, according to TradingView data. The price was the highest since Sept. 23.

The rise followed a week of rangebound trading. A concentration of sell orders near $85,000 had limited gains, but buyers absorbed the orders and pushed the price higher.

Glassnode data indicated that fewer sell orders remained above the market. More than $30 million in sell orders had been placed near $85,700 earlier in the week, but those orders were later removed.

CoinGlass data showed a cluster of potential liquidations above $87,300 after Bitcoin broke higher. Short liquidations totaled about $122 million across crypto exchanges over 24 hours. Liquidations across all cryptocurrencies reached approximately $210 million.

The area near $86,000 represents the estimated aggregate breakeven level for investors in U.S. spot Bitcoin exchange-traded funds. Glassnode identified a sustained price breakout, higher trading volume and renewed ETF inflows as indicators of broader support for Bitcoin’s uptrend.

U.S. spot Bitcoin ETFs recorded net inflows of $102.7 million on Oct. 1, according to Farside Investors. BlackRock’s iShares Bitcoin Trust received $195 million, while outflows from several other funds reduced the combined daily total.

Daily ETF inflows have declined since Sept. 21, when net inflows reached $999 million, the highest level in almost a year. The funds continued to buy Bitcoin at a lower rate, according to Glassnode data. A return to inflows near that level would indicate stronger demand from ETF investors.