Glassnode points out that the upcoming cluster of asking orders rests near $87,000, while softer-than-anticipated U.S. employment figures contribute to the broader macroeconomic picture.
Bitcoin (BTC) pushed past $86,000 on Friday after market participants absorbed and subsequently withdrew the remaining asks situated around $85,000, according to insights from Glassnode, which noted that minimal overhead resistance remains.
At the time of reporting, Bitcoin was changing hands close to $86,700. In a market note published Friday, researchers at QCP Capital mentioned that the leading digital asset had broken out of its previous $82,500 to $85,700 trading corridor from the prior week, briefly touching above $87,000 earlier in the day—marking its highest price point since September 23. This placed bitcoin 14.6% higher than its September 15 low of $74,968 while approaching its best valuation since January.
The next collection of sell orders is positioned near $87,000, Glassnode observed, containing roughly half the volume seen at the previous $85,000 barrier.
Bitcoin approaches September high
QCP pegged overhead resistance at $87,400 and support at $82,500, noting that bitcoin successfully defended the lower threshold on three separate occasions during the week. Analysts stated that resistance at $87,400 serves as the “gateway to $90,000.”
QCP also highlighted that bitcoin climbed 12% throughout September, whereas gold dropped 8.5% during a monthly cycle where the 10-year Treasury inflation-protected securities yield climbed roughly 44 basis points, and long-term inflation forecasts remained virtually unchanged. The firm suggested that bitcoin’s upward movement appeared “more consistent with a concentrated flow trade” rather than a straightforward currency debasement narrative or a widespread rejection of bond sell-offs. Key catalysts, according to the analysts, included U.S. spot bitcoin ETFs pulling in approximately $2.6 billion during September alongside the Securities and Exchange Commission’s innovation exemption.
The marketplace is currently positioning itself ahead of the upcoming election cycle, QCP remarked, with options positioning indicating that clients are rolling their October $90,000 call options forward into November—a month that features midterms, Treasury refunding, and the December Federal Reserve meeting.
Weaker-than-expected U.S. jobs data
Concurrently, American employers added 29,000 jobs in September, based on nonfarm payroll statistics issued Friday, falling short of the 84,000 to 93,000 additions anticipated by QCP. Meanwhile, the unemployment rate ticked upward from 4.1% to 4.2%.
“The subdued report reinforces the expectation that there will be no rate hike in October, though weakness isn’t automatically bullish: an orderly softening supports liquidity trading, whereas a growth scare can drag down risk assets, potentially including bitcoin,” Fabian Dori, Chief Investment Officer at Sygnum Bank, told The Block. “Liquidity continues to act as the primary driver regardless.”
Paul Howard, senior director at crypto market maker and over-the-counter liquidity provider Wincent, informed The Block that his projection for bitcoin to surpass $100,000 by year-end remains valid, especially in light of Citi’s recently updated $113,000 price target.
“In the immediate term, I anticipate BTC will keep consolidating around the $85,000 threshold, but a confirmed breakout past $90,000 could pave the way for a more aggressive upward surge, given the relatively sparse resistance beyond that mark,” Howard explained.
“‘Uptober’ has gotten off to an energetic start,” observed Matt Mena, Senior Crypto Research Strategist at 21Shares. “Q4 historically stands out as Bitcoin’s strongest quarter, delivering average gains of 62.7%, and the groundwork has been laid for a robust finish to the year,” he added.
Originally published at https://www.theblock.co/news/markets/2026-10-02-bitcoin-nears-highest-level-january-85000-sell-wall-clears-us-jobs-data-disappoints-417570.
