Bitcoin approaches highest level since January as $85,000 sell wall clears
Bitcoin breaks through $85,000 resistance on Friday
Bitcoin rose above $86,000 on Friday after a large cluster of sell orders around $85,000 was cleared, according to on-chain analytics firm Glassnode. Sellers partially filled their orders at that level and then removed the rest, leaving little resistance above.
Bitcoin was trading near $86,700 later in the day, having briefly topped $87,000. That marked its highest level since September 23 and placed it 14.6% above its September 15 low of $74,968, nearing its best price since January.
What traders are watching next
- The next group of sell orders sits around $87,000, with about half the volume compared to the old $85,000 wall, Glassnode said.
- QCP Capital identified $87,400 as the next key resistance level, calling it the "gateway to $90,000." Support was noted at $82,500.
- Bitcoin gained 12% in September, while gold fell 8.5% over the same period.
- U.S. spot bitcoin ETFs recorded about $2.6 billion in inflows during September, which QCP cited as a catalyst for the rally.
Weak US jobs report adds to macro picture
The U.S. added only 29,000 jobs in September, well below the 84,000 to 93,000 that QCP Capital expected. The unemployment rate also rose to 4.2% from 4.1%. The data reduced expectations for a Federal Reserve interest rate hike in October.
Fabian Dori, chief investment officer at Sygnum Bank, told The Block that weak jobs data supports the view that there will be no October rate hike, though he cautioned that weak data is not automatically bullish for crypto. "Liquidity stays the driver either way," he said.
Analysts weigh in on Bitcoin's path
Paul Howard, senior director at crypto market maker Wincent, said his expectation for Bitcoin to break $100,000 by year-end remains intact, pointing to Citi's recently revised $113,000 price target. He added that a sustained move above $90,000 could open the door to a stronger push higher.
Matt Mena, senior crypto research strategist at 21Shares, noted that Q4 is historically Bitcoin's best quarter, averaging 62.7% gains. "Uptober is off to a strong start," he said.
QCP Capital also reported that clients are rolling October $90,000 call options into November, positioning for the midterms, Treasury refunding, and the December Fed meeting.
What is confirmed
Bitcoin climbed above $85,000 and reached near $87,000 on Friday. Sellers at the $85,000 level partially filled their orders and withdrew the remainder. The U.S. reported 29,000 jobs added in September, below expectations. Bitcoin is trading at its highest level since September 23.
What is still unclear
It is unclear whether Bitcoin can hold above $87,000 or break through to $90,000. Analysts offered differing views on whether weak jobs data would support or hurt crypto prices in the near term.
Why this matters for investors
The clearance of the $85,000 sell wall removes a major barrier and could allow Bitcoin to test higher levels. The combination of strong ETF inflows, favorable macro positioning, and historically strong Q4 performance has some analysts optimistic about year-end direction, though liquidity conditions remain the key variable.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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