Bitcoin Targets $90,000 After SEC Ruling Sends Price Surge

Bitcoin (BTC) reached near $86,044 on October 5, marking a 1.1% increase over 24 hours. The cryptocurrency briefly touched $86,999 before easing back. The focus now is on whether buyers can push past resistance to reach the liquidation cluster near $90,000, which could trigger a short squeeze and accelerate a rally.

Glassnode data highlights Bitcoin’s largest overhead liquidation cluster at $90,000. If the price hits this level, leveraged short positions would be forced to close, potentially fueling further gains. However, risks exist on both sides, with smaller liquidation clusters near $83,000 and $75,000 that could trigger long liquidations and accelerate a decline.

Bitcoin’s market cap stands near $1.72 trillion, with daily trading volume rising 81% to $22.2 billion. Over the past week, BTC gained roughly 2.9%. The four-hour chart shows Bitcoin stuck in a range between $86,500 and $87,500 since its September 22 rally, with support near $83,000.

The bull case scenario sees BTC clearing $87,400 and holding, putting $90,000 in play. The base case maintains price stability between $82,000 and $87,500. The bear case warns of a sustained break below $82,000, which could weaken the recovery and bring $80,000 back into view, with a slide toward $75,000 potentially triggering more liquidations.