BTC squeezed out of the sell-wall near $85,000 this time, reaching a high of $86,857—its highest point since September 23—before pulling back to below $86,000. A Binance spot snapshot shows BTC at $86,390, up 2.89% over the past 24 hours. The 24-hour trading range is 4.21%, and the trading volume has expanded by about 4.3% versus the previous day, indicating that this breakout was not a low-volume attempt.

The main driver came from the derivatives side. In the past 24 hours, BTC liquidated short positions of about $122 million, and liquidations across the whole market totaled about $210 million. CoinGlass’s heatmap shows another batch of potential liquidation levels forming again above $87,300, meaning the fuel for forced short-covering has been pushed into a higher price band. Glassnode noted that after sell orders near $85,000 were absorbed, the limit orders above became thinner and upward resistance declined. This aligns with concurrent news related to rising perpetual futures funding rates and open interest, reflecting a rebound in leveraged long demand rather than a one-sided spot buying drive.

What really needs watching is the $86,000 level—roughly the aggregate breakeven zone for U.S. spot Bitcoin ETF investors. On September 21, the single-day inflow nearly reached $999 million, then clearly cooled off. On October 1, net inflows were $102.7 million; IBIT attracted $195 million in particular, while some other products were still seeing outflows. If the price holds steady and rebounds in tandem with both trading volume and ETF inflows, the support from above-break levels will be more solid. If inflows continue to be weak while the funding rate remains elevated, the pullback risk caused by crowded leverage will be amplified as well.

Risk warning: This article is for informational interpretation only and does not constitute investment advice.