Bitcoin Clears $85,000 Sell Wall and Nears Highest Level Since January
Bitcoin traded near $86,700 after briefly topping $87,000 on Friday. This marks its highest price since September 23 and puts it close to levels last seen in January. Sellers partially filled and then pulled remaining orders around $85,000, according to Glassnode. The move left little immediate resistance above that level.
Glassnode Identifies Next Sell Cluster Near $87,000
Glassnode data shows the next group of sell orders sits around $87,000. This cluster holds about half the volume of the previous $85,000 wall. QCP Capital analysts note Bitcoin broke out of its recent $82,500 to $85,700 range. They view $87,400 as key resistance and a potential gateway toward $90,000, with solid support holding at $82,500.
Weak U.S. Jobs Data Adds to Macro Backdrop
U.S. employers added only 29,000 jobs in September, well below the expected 84,000 to 93,000. The unemployment rate rose to 4.2% from 4.1%. Analysts say the soft print reduces chances of an October rate hike. Liquidity remains the main driver for risk assets, including Bitcoin, though a deeper growth scare could pressure prices.
Analysts See Path Toward $90,000 and Beyond in Q4
QCP Capital highlights strong September ETF inflows of about $2.6 billion as a key catalyst. Market makers and strategists expect Bitcoin to oscillate near $85,000 in the near term. A sustained break above $90,000 could open further upside with limited resistance. Many remain confident of a move past $100,000 by year-end as Q4 historically delivers Bitcoin’s strongest gains.
