Bitcoin Cuts Through Sell Wall at $85,000, Eyes New High

Bitcoin is nearing its highest level since January after clearing a significant sell wall at $85,000. According to Glassnode, the onchain analytics firm, the next cluster of sell orders sits around $87,000, with about half as many at that level compared to the old $85,000 wall.

The removal of this sell wall has left little resistance above $86,700, the current price of Bitcoin. QCP Capital analysts said that breaking out of the $82,500 to $85,700 range is a significant development, and topping $87,000 earlier on Friday was its highest level since September 23.

Despite the positive momentum, some experts are cautioning against over-optimism. Sygnum Bank Chief Investment Officer Fabian Dori said that weak U.S. jobs data may not necessarily be bullish for Bitcoin, and that liquidity remains the driver in the market.