Bitcoin Price Hits 10-Week High as Short Liquidations Top $120M

Bitcoin's price surged to a 10-week high of $86,857 on Friday, breaking through a concentration of sell orders around $85,000. According to Glassnode's heatmap, a cluster of potential liquidations above $87,000 formed following the initial breakout, indicating that liquidation exposure was concentrated at higher price levels.

Data from CoinGlass showed that short liquidations topped $120 million over 24 hours, with the cross-crypto total at $210 million. This suggests that many short sellers were caught out by the sudden price increase.

Some analysts believe that more robust Bitcoin ETF inflows would be a key indicator of broader support for the BTC price uptrend. However, daily flows have cooled since September 21, when the daily tally hit its highest in almost a year at $999 million.