Bitcoin Surges to $86K Amid Volume Surge and Short Squeeze

BTC has reached $86,078.16, up 0.91% in 24 hours, with a significant jump in volume to $23.49 billion, a 88.06% increase.

Short sellers took a hit, with $60.11 million in liquidations, accounting for 82% of all Bitcoin liquidations over the past 24 hours, according to Coinglass data.

Spot Bitcoin ETFs have seen $241 million in net inflows over the past week, with a notable split between Bitcoin and Ethereum, as Fidelity's FETH saw a $74.06 million outflow.

Treasury firms are buying Bitcoin again, with Metaplanet purchasing $85.9 million worth of BTC, allocating 85-90% of its assets to Bitcoin and 10-15% to strategic investments.

The upcoming FOMC minutes on October 7 may impact the Bitcoin price, as a hawkish tone could lift yields and the dollar, while a patient tone could support risk assets.

Uptober has been kind to Bitcoin, with a 3.5% increase this month and a 77% chance of closing October higher, but analyst Crypto Rover cautions that this is not a guarantee and that risks include a squeeze reversal, a Fed surprise, stock link, and more.