Bitcoin Breaks $84K Resistance Amid Strong Bullish Momentum
Bitcoin (BTC) surged past the $84,000 resistance mark on October 2, 2026, capping off a strong third quarter with a 43% gain. This performance outperformed gold and many stocks, reflecting growing investor confidence. The rally was supported by a significant increase in Bitcoin futures open interest, which reached $26.49 billion, up roughly 60% from earlier levels. Additionally, the U.S. Securities and Exchange Commission (SEC) proposed new rules on October 1, allowing investment advisers and regulated funds to use a broader range of crypto custody arrangements, including self-custody under certain conditions.
Ethereum (ETH) also saw positive momentum, with spot ETF flows and real-world asset tokenization contributing to a price floor around $2,500. However, onchain data indicates that traders are eyeing $2,800 to $3,000 as key levels for profit-taking or breakeven exits. The largest concentration of ETH acquired over the past year falls within the $2,900 to $3,100 range, with a significant cost basis around $2,800.
Altcoins like Hyperliquid (HYPE) and Solana (SOL) also experienced rallies, with SOL touching highs not seen since January 2026. Institutionalization, real-world asset tokenization, and token buybacks are gaining traction, supported by regulatory clarity from the Commodity Futures Trading Commission (CFTC) and the SEC. These developments are expected to widen the base of capital flows into the crypto market, potentially stabilizing asset prices.
Despite the bullish sentiment, macroeconomic factors such as the October 2 U.S. jobs report, which showed a weaker labor market, briefly dampened Bitcoin's momentum. The report initially pushed BTC above $86,000, but the rally faded as traders digested the data. Upcoming economic events, including the US ISM Non-manufacturing PMI report and FOMC meeting minutes, will be closely watched for their potential impact on crypto markets.