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At one point, it soared to its highest level in 8 months
Bitcoin has surpassed $87,000, driven by spot buying and the liquidation of short positions, and attention is focused on whether the upward trend will continue with the added expectations of easing digital asset regulations in the US and a 'October bull market'.
According to CoinMarketCap on the 22nd, the trading price of Bitcoin was $85,651 per Bitcoin as of 10:20 AM on that day, up 4.81% from the previous day. It rose to $87,281 at 5:30 AM, hitting its highest level in 8 months since January. After showing such a rapid upward trend, Bitcoin is now taking a breather.
Bitcoin is reacting with a weekly return rate exceeding 10%.
This is interpreted as reflecting market expectations ahead of the summit between US President Donald Trump and Chinese President Xi Jinping, in addition to falling international oil prices.
Although it faced downward pressure due to the aftermath of interest rate hikes and the failure of the Clarity Act, which aims to regulate digital assets, in the US Senate, it is evaluated that the US Securities and Exchange Commission (SEC) offset the negative factors by easing regulations related to digital assets.
Park Sung-je, a researcher at Shinhan Investment Corp., explained, "As soon as it was expected that things would worsen with the delay of the Clarity Act, the SEC's direction to incorporate digital assets and the token market into the institutional system emerged, improving investor sentiment."
On the 17th (local time), the SEC announced a regulatory easing measure that exempts token stock trading platforms meeting certain conditions from some regulations applied to existing stock exchanges for five years.
In addition, MicroStrategy, the largest corporate holder of Bitcoin, announced last week that it had purchased 950 Bitcoins, further supporting the improvement in investor sentiment.
The 'Crypto Fear & Greed Index' recorded 79 on this day, an increase from a week ago (63). This index ranges from 0 to 100, with the 60 to 80 range indicating a stage where investor sentiment has revived (Greed).
A short-term rebound appears to have occurred due to the influence of spot buying and short position liquidation.
Glassnode, a crypto data analytics firm, explained in its report on the 21st (local time), "The uptrend is driven by spot buying, with trading volume increasing and upward momentum strengthening as exchanges shifted from net selling to net buying," adding, "It is analyzed to be due to short position liquidations rather than new selling."
Of the total liquidated volume ($746 million) in the 24 hours up to this day, 86.85% ($647.9 million) were short positions. When short positions are forcibly liquidated, buy transactions occur to reduce losses, acting as upward price pressure.
Expectations for 'Uptober,' meaning a bull market in October, are also forming.
Bitcoin has traditionally shown strength in October. According to CoinGlass, a crypto analytics firm, Bitcoin has closed higher in October every year since 2013, with the exception of three instances (2014, 2018, 2025).
Researcher Park Sung-je stated, "In October, the SEC's process of gathering market opinions regarding the digital asset regulatory framework will conclude, and the U.S. Commodity Futures Trading Commission (CFTC) also plans to hold a 'Frontier Forum' related to digital assets," adding, "Such regulatory-related schedules could act as positive factors for the market."
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