Bitcoin Approaches $87K as Short Liquidations Exceed $120 Million
- Bitcoin (BTC) reached a peak of $86,857 on Friday, its highest price since September 23.
- Over the past day, BTC short liquidations totaled approximately $122 million across all exchanges.
- A significant cluster of potential liquidations was identified above $87,300 following the price breakout.
- The area around $86,000 is crucial as it represents the breakeven zone for US spot Bitcoin exchange-traded funds (ETFs).
- Daily ETF inflows have decreased significantly since hitting a high of nearly $999 million on September 21.
The recent price surge for Bitcoin follows a break through previous sell orders at $85,000 and highlights increased buying activity amidst reduced liquidity above this level. Analysts suggest that stronger ETF inflows could further support Bitcoin’s upward trend.
As of now, Bitcoin’s short liquidations have surpassed $120 million, indicating significant market volatility and trader positioning challenges.(Source)
