Bitcoin Breaks Above $85,000 Support Zone on Institutional Demand and Soft US Jobs Data
Bitcoin broke above the $85,000-$85,500 support zone and closed the week at $86,800, according to CoinDCX. The price action comes as renewed institutional demand and softer US jobs data supported sentiment across the cryptocurrency market.
Avinash Shekhar, Co-Founder and CEO of Pi42, believes the change in US rate outlook could provide a potential liquidity catalyst for Bitcoin. However, he cautioned that the cryptocurrency has yet to establish a clear breakout.
Institutional demand has remained supportive, with US spot Bitcoin ETFs attracting around $2.65 billion in September. The recovery towards $87,000 has been accompanied by stronger market positioning, according to Riya Sehgal, Research Analyst at Delta Exchange.
Harish Vatnani, Head of Trade at ZebPay, said Bitcoin remains in a bullish trend, with the recent consolidation near $84,000-$87,000 appearing more like a pause after the sharp breakout than an aggressive sell-off.