Bitcoin Breaks Through $85,000 Resistance, Reaches $86,837 High
The price of Bitcoin (BTC) broke through the $85,000 resistance barrier, reaching a 24-hour high of $86,837 on the Binance exchange, according to data from TradingView. This move was fueled by reduced sell liquidity, as buyers cleared a large sell wall around $85,000 that had been blocking price advances for almost a week, according to Glassnode. The removal of this sell wall and subsequent thinning of overhead supply allowed prices to move faster, as aggressive buying entered the market.
The breakout above $86,000 was further amplified by short liquidations, with $45.96 million in Bitcoin shorts liquidated within one hour, covering Binance, Bybit, and OKX exchanges. This forced closures created additional buying as exchanges exited losing bearish positions. The next key level to watch is $88,000, according to Alex Marzell's framework, while a failure below $85,500 would reopen the possibility of a deeper retest.
The move above $86,000 has also improved the short-term structure of Bitcoin, forcing bearish derivatives positions to close. Traders now watch to see whether the former resistance zone can hold as support. The broader structure remains sensitive to macro conditions and recent institutional demand through U.S. spot Bitcoin funds, with the next major U.S. inflation release scheduled for October 14.