On October 2, Bitcoin rose to $86,730, which is 5% above the local low of September 28. As a result of the impulsive growth, buyers broke through the sell wall at the $85,000 level after nearly a week of unsuccessful attempts, according to data from the analytical platform Glassnode. Above this mark, resistance became thinner, meaning the price could theoretically rise faster.
The breakout occurred after the price repeatedly tested both boundaries of the local range and reversed each time. Such behavior is rare: the market usually breaks through one of the boundaries earlier. After breaking upward, Bitcoin came close to its local highs but has not yet managed to update them.
Trader Daan Crypto Trades noted on social media X that the key level is now $85,000. Buyers would not want a return below this mark with consolidation, and as long as the price holds above, the picture remains favorable for bulls.
The author of the YouTube channel Crypto Rover announced a breakout from a descending wedge upward and reminded that Changpeng Zhao had warned about this.
Scenarios for the coming days
Opinions on further movement diverge, and the main question is whether the breakout will hold.
Crypto trader and entrepreneur Michaël van de Poppe expects a test of the $84,800–85,000 zone and continued growth from there, which opens the way to a new yearly high.