$BTC Last night, it plowed through resistance and surged to 87,000? The first two numbers may be wrong. Through a wave of forced liquidations, the entire market’s single-day liquidation volume exceeded $1 billion; more than 80% of it came from short positions being forcibly wiped out. The buy orders from passive liquidation instantly pushed the price to a new high of $87,374, but as liquidation volume rapidly fell, the most easily sourced “fuel” for further upside had essentially been exhausted.
This pulse was driven by large net inflows into spot ETFs working in tandem with a derivatives squeeze. Open interest across the market is still climbing, and total size is nearing $160 billion. A short squeeze can quickly lift the spot price, but it doesn’t leave behind long-term accumulated chips; when the tide of forced buying recedes, the newly added leverage piled up at high levels starts to face the real spot demand’s ability to absorb it.
Above the $87,300 to $89,000 range lies a dense zone of strong resistance. The key is whether real off-exchange buying can complete a handoff of positions here—turning $84,000 into a solid new support platform. If spot funds fail to follow through strongly, the overloaded position size could face a long/short reversal and be forced to test the $83,000 area at any time under pressure.
Bitcoin’s market-cap share across the entire market remains anchored around 59%, and incremental capital has not truly spilled over at scale. Once the noise from derivatives compression dies down, the next direction will depend entirely on whether the order book’s depths can absorb the sell pressure.
This pulse was driven by large net inflows into spot ETFs working in tandem with a derivatives squeeze. Open interest across the market is still climbing, and total size is nearing $160 billion. A short squeeze can quickly lift the spot price, but it doesn’t leave behind long-term accumulated chips; when the tide of forced buying recedes, the newly added leverage piled up at high levels starts to face the real spot demand’s ability to absorb it.
Above the $87,300 to $89,000 range lies a dense zone of strong resistance. The key is whether real off-exchange buying can complete a handoff of positions here—turning $84,000 into a solid new support platform. If spot funds fail to follow through strongly, the overloaded position size could face a long/short reversal and be forced to test the $83,000 area at any time under pressure.
Bitcoin’s market-cap share across the entire market remains anchored around 59%, and incremental capital has not truly spilled over at scale. Once the noise from derivatives compression dies down, the next direction will depend entirely on whether the order book’s depths can absorb the sell pressure.