Bitcoin Holds Near $85K as Traders Eye $90K Breakout

Bitcoin has rebounded to near $85,000 after a turbulent week, leaving traders wondering if the cryptocurrency can push past the $87,000 resistance level and extend its rally toward $90,000. According to CoinCodex, BTC is currently trading at approximately $84,912, with the broader crypto market also showing modest gains. Despite recent volatility, Bitcoin has managed to hold onto most of its late-September gains, even as Treasury yields remain elevated and the U.S. jobs report disappointed.

The cryptocurrency has been trading in a tight range between support in the low-$80,000s and resistance near $87,000 for the past two weeks. A breakout above the $87,000, $87,300 zone on strong volume could signal a move toward $90,000, potentially reigniting bullish momentum and bringing the $100,000 psychological level back into focus.

Institutional demand continues to support Bitcoin’s bullish outlook. U.S. spot Bitcoin ETFs saw approximately $6.34 billion in inflows during Q3, with $2.65 billion coming in September alone. This surge in institutional interest coincides with BTC’s strongest third-quarter performance since 2017, gaining nearly 43% during the period. However, macroeconomic conditions remain mixed, as Treasury yields hover above 5%, increasing the opportunity cost of holding Bitcoin.

The weak U.S. jobs report has reduced the likelihood of an immediate Federal Reserve rate hike, but the broader economic environment remains a wildcard for risk assets like Bitcoin.