Bitcoin reaches for $87K as short liquidations top $120M
Bitcoin buyers broke through a wall of ask liquidity to reach new October BTC price highs near $87,800, with the area immediately above now a new resistance hurdle.
Bitcoin surged to approach $87,000 during the week as short liquidations reached $120 million over a 24-hour period. TradingView data showcased Bitcoin trading at $86,857 on Bitstamp, before dipping below $86,000. This marked Bitcoin's highest since September 23. Glassnode data indicated that reducing ask liquidity above $85,000 had enabled price to ascend more rapidly.
Following the initial breakout, a cluster of potential liquidations above $87,300 was noted, suggesting a concentration of liquidation exposure at higher price levels. BTC short liquidations totaled $122 million in the 24 hours leading up to the report, with cross-crypto liquidations reaching $210 million. A sustained breakout accompanied by increased trading volume and renewed ETF inflows would confirm broader support for Bitcoin's uptrend, according to Glassnode's weekly report.
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