Bitcoin prices surged to near $87,800 as buyers overcame a wall of ask liquidity, marking the highest level since September 23. The price briefly reached $86,857 on Bitstamp before retreating below $86,000. Short liquidations exceeded $120 million in 24 hours, with a cluster of potential liquidations appearing above $87,000 following the breakout. Data from CoinGlass indicated a concentration of sell orders around $85,000 that had previously kept price action rangebound. The area around $86,000 remains significant as it forms the breakeven zone for investors in US spot Bitcoin ETFs. Daily ETF inflows have cooled since September 21, when they hit a yearly high. Glassnode suggested that a sustained breakout with higher trading volume and renewed ETF inflows would signal stronger support for Bitcoin's price movement.
The latest data showed BTC short liquidations totaling $122 million, with cross-crypto liquidations reaching $210 million. Outflows from other funds reduced the daily tally.
Glassnode's analysis highlighted that reduced ask liquidity above $85,000 allowed price action to move upward more quickly. The remaining sell orders appeared to have been removed, suggesting a shift in market dynamics. The price breakout followed fresh fluctuations in exchange order-book liquidity, with buyers breaking through the previous resistance barrier.