5 Reasons Why Bitcoin Price Is Going Up Today

Bitcoin price is skyrocketing on Friday, trading towards $87,000 and up 4% over the past 24 hours. This comes amid a broader crypto market recovery despite higher bond yields globally. Here are 5 reasons why Bitcoin price is going up today.

Bitcoin Price Surges as $90 Million in Shorts Liquidated

Coinglass data shows over $120 million in shorts liquidated in just an hour on October 2, taking total crypto market liquidations to $326 million. Almost $90 million in BTC short positions were forced closed by leveraged traders as Bitcoin price pushed back above $86,000.

In the last 24 hours, Bitcoin has recorded nearly $135 million in total liquidations, with $123 million in short liquidations. Binance crypto exchange recorded two massive BTCUSDT liquidations of $11.73 million and $10.36 million at 4:20 AM UTC.

Derivatives traders targeting $90,000 levels and oil prices falling in Friday’s session also helped trigger short liquidations. Meanwhile, investors weighed the US-Iran war risk amid signs of a recovery in Middle East supplies.

Fed Rate Hike Odds Fall

Fed rate hike odds for October have dropped sharply after weaker-than-expected US PCE inflation readings and a pause signaled by the US Federal Reserve leaders. The probability of a 25 bps October Fed rate hike has plunged from almost 65% a week ago to 26% now.