BTC Surges to $86K as Shorts Get Crushed

Bitcoin's price surged to $86,857 on Friday, marking its highest point since September 23. The move broke through sell orders around $85,000, which had kept the price rangebound throughout the week. According to Glassnode, a cluster of potential liquidations above $87,000 formed following the breakout.

Data from CoinGlass showed that more than $30 million in sell orders appeared around $85,700 earlier in the week. This concentration of sell orders was followed by fresh fluctuations in exchange order-book liquidity, allowing buyers to break through the barrier and push the price up.

The total short liquidations over 24 hours topped $122 million, with a cross-crypto total of $210 million. Glassnode also noted that ETF inflows have cooled since September 21, when they hit their highest in almost a year at $999 million.