Bitcoin Price Begins 'Uptober' With a Swing Back to $85K

According to market data, bitcoin’s price began the period by sliding from $84,410 to $83,500, a threshold where it appeared to find strong support. After holding this range until late Wednesday, the cryptocurrency suddenly rallied to reach $84,300 around 2:15 a.m. EST, only to plunge to just above $83,200 two hours later.

The cryptocurrency then began a steady rise, reclaiming and losing $84,000 several times during another volatile period. At 1:45 p.m. EST, bitcoin’s price hovered near $85,000, showing a 1% gain over the past 24 hours amid a sharp decline in liquidations across the crypto market.

Liquidations Cool After Volatile Session

According to Coinglass data, total bitcoin liquidations were capped near $35 million, a substantial decline from more than $80 million recorded 24 hours earlier. However, unlike Wednesday, long positions wiped out eclipsed short bets, with longs accounting for 60% of total liquidations. Overall, liquidations across the cryptocurrency market reached $193 million, with long bets totaling nearly $117 million.

Since surging in the second half of August, bitcoin has trimmed its year-to-date losses to just 3%. The sharp reversal has reignited bullish sentiment across the market, sparking renewed enthusiasm among traders and setting off ambitious long-term price projections.

Citigroup has already revised its 12-month price target for bitcoin to $113,000 from $82,000. Citi cited accelerating crypto market activity, a favorable macroeconomic environment, and resuming bitcoin exchange-traded fund (ETF) inflows, projecting approximately $5 billion in net ETF inflows over the coming 12 months.