UPDATE: Bitcoin pushes toward $87,000 amid $120 million short squeeze
CIE News ·
Bitcoin rallied toward $87,000 following a $120 million short squeeze, pushing total 24-hour crypto liquidations to $326 million as the overall market cap reached $3.042 trillion.
As previously reported, Bitcoin (BTC) rebounded to $85,459 after substantial volatility wiped out over $250 million in positions. Updated market figures show the asset surged by 4% to approach $87,000, driven by a rapid $120 million short squeeze that contributed to a wider recovery, lifting the global cryptocurrency market capitalization to $3.042 trillion.
Total 24-hour liquidations across digital asset exchanges reached $326 million following the rally. Derivatives activity on Binance featured prominent large forced closures, including individual liquidations of $11.73 million and $10.36 million, alongside upward price momentum in Ethereum (ETH).
TradingView reported that a notable portion of the cascade occurred during a brief ten-minute window on October 2, 2026, in which $110 million in short positions were erased. According to crypto.news, Bitget Wallet research lead Lacie Zhang previously identified $87,500 as a key upside breakout level capable of intensifying short liquidations.