$BTC In the last 24 hours, the price of Bitcoin has risen by 1.22% and is $84,561.23. This is slightly weaker than the overall market’s gain of 2.28%, but the rate is holding firmly. The main factor behind this rise was stable support from institutional investors via ETFs, which created a price “floor,” as well as a sharp drop in liquidations, which reduced selling pressure.
1. Main cause: A significant decrease in the liquidation of leveraged long positions—their volume fell by 67.54% to $57.84 million, easing pressure on the market and allowing demand supported by ETFs to be maintained.
2. Secondary reasons: A positive technical picture—the price is above key moving averages (the 7-day SMA at $84,362), confirming the positive momentum.
3. Near-term outlook: If Bitcoin holds above support at $83,000, a test of the recent high near $87,000 is possible. A breakdown below this level could lead to a drop to $80,000, especially if ETF inflows slow down ahead of the Federal Reserve meeting on October 28.