BTC Surges to Almost $87K Amid Record Short Liquidations
Bitcoin's price surged to nearly $87,000 on Friday, marking its highest point since September 23. According to data from CoinGlass, short liquidations topped $120 million over a 24-hour period.
The breakout above the sell order barrier of $85,000 allowed the price to move up faster, said Glassnode in an analysis. The platform's heatmap showed a cluster of potential liquidations above $87,000 following the initial breakout, suggesting that liquidation exposure was concentrating at higher price levels.
Bitcoin buyers battled liquidity walls below $87,000, with the area around $86,000 remaining significant as it forms the aggregate breakeven zone for investors in US spot Bitcoin exchange-traded funds (ETFs).
A sustained breakout accompanied by higher trading volume and renewed ETF inflows would confirm broader support for Bitcoin's uptrend, according to Glassnode. However, daily flows have cooled since September 21, when the daily tally hit its highest in almost a year at $999 million.