Bitcoin broke through selling pressure in the $85,000 range and moved close to $87,000. On Oct. 2 (local time), it rose as high as $86,857 on Bitstamp before slipping back below $86,000, Cointelegraph reported.

The rally came as sell orders that had capped prices throughout the week were cleared. Glassnode data showed sell orders clustered around $85,000 had kept the price in a range, but buying broke through. Glassnode said on X that as overhead sell-side liquidity thins, prices could rise faster, and the remaining sell orders also appear to have been removed.

After the breakout, potential liquidation positions clustered above $87,300. Over the past 24 hours, bitcoin short liquidations totaled $122 million, while liquidations across the broader crypto market were $210 million, CoinGlass data showed.

The area around $86,000 was cited as the average breakeven zone for investors in U.S. spot bitcoin ETFs. In its regular report, The Week On-Chain, Glassnode said broader support for bitcoin's uptrend would need to be confirmed by both rising trading volume and a resumption of ETF inflows.

Daily net inflows into U.S. spot bitcoin ETFs slowed after hitting $999 million on Sept. 21, the highest level in nearly a year. Still, net inflows totaled $102.7 million on Oct. 1, according to Farside Investors. BlackRock's iShares Bitcoin Trust pulled in $195 million, but outflows from some other funds reduced the overall net inflow.