2nd October 2026 – (New York) Bitcoin traded close to $86,700 after briefly exceeding $87,000 on Friday, its strongest level since late September and approaching highs last seen in January. On‑chain analytics from Glassnode indicated that sellers partly met the offers clustered around $85,000 before pulling the remainder, leaving lighter resistance above. The next notable pocket of supply is seen near $87,000, roughly half the size of the earlier wall, suggesting a clearer path for upside if momentum persists.
Derivatives specialists at QCP Capital said bitcoin had broken out of a week‑long $82,500 to $85,700 range, identifying resistance at $87,400 and support at $82,500. They described $87,400 as the threshold to $90,000, with options flows showing traders rolling October $90,000 calls into November as markets position for post‑election dynamics, US Treasury refunding and the Federal Reserve’s December meeting. QCP also noted bitcoin’s 12 per cent gain in September, contrasting with an 8.5 per cent fall in gold while the 10‑year inflation‑protected Treasury yield rose about 44 basis points, interpreting the move as consistent with concentrated flow activity rather than a straightforward debasement trade or rejection of the bond sell‑off. Spot bitcoin exchange‑traded funds were estimated to have recorded around $2.6 billion in September, alongside policy developments cited as supportive by some market participants.
A softer US labour print added to the macro cue. Non‑farm payrolls showed 29,000 jobs added in September, below forecasts of roughly 84,000 to 93,000, with unemployment edging up to 4.2 per cent from 4.1 per cent. Market strategists said the data reduced the likelihood of an October rate rise, keeping liquidity as the dominant driver for risk assets. Others cautioned that while a soft‑but‑orderly backdrop supports the liquidity trade, a sharper growth scare could still weigh on broader risk, Bitcoin included.
Sentiment remained constructive among some institutional desks. A senior director at market‑making and OTC firm Wincent said his end‑year expectation for bitcoin to reach six figures remains intact, citing a recently raised $113,000 price target from Citi as supportive context. He added that price action may oscillate around $85,000 in the near term, but a sustained break above $90,000 could open a cleaner run higher given relatively thin overhead supply. A research strategist at 21Shares said “Uptober” had started strongly, noting that the fourth quarter is historically Bitcoin’s best, with average gains of 62.7 per cent, and argued that conditions are in place for a firm year‑end finish.