Bitcoin reaches $86,857 as short liquidations total $122 million

Bitcoin reached $86,857 on Bitstamp on Friday, its highest price since Sept. 23, before falling below $86,000. Glassnode data showed that buyers broke through a concentration of sell orders around $85,000 that had kept Bitcoin trading within a range during the week. Glassnode said reduced sell-order liquidity above that level could allow the price to rise faster. More than $30 million in sell orders had appeared around $85,700 earlier in the week. CoinGlass data showed a cluster of potential liquidations above $87,300 after the initial breakout. Bitcoin short liquidations totaled $122 million over the 24 hours to the time of writing. Liquidations across cryptocurrencies totaled $210 million over the same period. The area around $86,000 is the aggregate breakeven zone for investors in US spot Bitcoin exchange-traded funds. Glassnode said a sustained breakout with higher trading volume and renewed fund inflows would confirm broader support for Bitcoin's uptrend. Daily fund inflows have cooled since reaching $999 million on Sept. 21, their highest level in almost a year. Glassnode said inflows returning near that pace would be the clearest sign of renewed fund demand. US spot Bitcoin exchange-traded funds recorded net inflows of $102.7 million on Oct. 1, according to Farside Investors. BlackRock's iShares Bitcoin Trust attracted $195 million that day, while outflows from several other funds reduced the overall daily total.