$BTC breaks through the ask-side liquidity wall around 85k — it’s not only “the market priced in the NFP.” At the same time, shorts were deflated: part of the move toward October’s local high — a classic short squeeze on an empty order book.
Figures (Cointelegraph / CoinGlass / Crypto Briefing, Oct 2). In 24h, short positions on $BTC — about 122$ mln liquidations; across the whole crypto market — roughly 210$ mln. On Bitstamp, the day’s high is around $86,857. Earlier in the week, around 85,700$ , more than 30$ mln sell orders were hanging — buyers removed that wall. CoinGlass shows a new cluster of potential liquidations above ~87,300. Separately: within a single window of about 10 minutes, roughly 110$ mln shorts across the market were burned.
My take: forced cover is the fuel for the impulse, not proof of sustained demand. As long as the ask above the price is thin, the move up looks easy; once the cluster above 87k starts getting defended, or macro (NFP) hits back — the same mechanism will flip downward even faster. Don’t look for “who’s right on the NFP,” but whether the open interest in shorts below the price is still there or has already been burned out.
Question: Does $BTC hold 86k after the shorts got squeezed — or was that just a one-off squeeze without a second buyer?
$BTC #Bitcoin #liquidations
Figures (Cointelegraph / CoinGlass / Crypto Briefing, Oct 2). In 24h, short positions on $BTC — about 122$ mln liquidations; across the whole crypto market — roughly 210$ mln. On Bitstamp, the day’s high is around $86,857. Earlier in the week, around 85,700$ , more than 30$ mln sell orders were hanging — buyers removed that wall. CoinGlass shows a new cluster of potential liquidations above ~87,300. Separately: within a single window of about 10 minutes, roughly 110$ mln shorts across the market were burned.
My take: forced cover is the fuel for the impulse, not proof of sustained demand. As long as the ask above the price is thin, the move up looks easy; once the cluster above 87k starts getting defended, or macro (NFP) hits back — the same mechanism will flip downward even faster. Don’t look for “who’s right on the NFP,” but whether the open interest in shorts below the price is still there or has already been burned out.
Question: Does $BTC hold 86k after the shorts got squeezed — or was that just a one-off squeeze without a second buyer?
$BTC #Bitcoin #liquidations