Bitcoin Price Breaks Through $85,000 Barrier Amid Softer US Inflation Data

Bitcoin broke through the $85,000 level after a nearly week-long struggle, with the price reaching a 24-hour high of approximately $86,794 before dipping below $86,000.

The move was facilitated by buyers clearing a significant sell wall at $85,000, according to Glassnode, which reported that most of the remaining sell orders above that level were subsequently pulled, leaving reduced ask liquidity overhead and enabling the price to rise more quickly.

The increase in price was also partly driven by softer US inflation data, which lifted risk appetite and supported the rally.

However, macro pressure remains, with the 10-year Treasury yield remaining near 5.28%, CoinDesk reported, keeping the opportunity cost of holding a non-yielding asset like Bitcoin high.

Bitcoin now holds above the $84,800, $85,800 resistance band, which needs to hold as support for the bullish case to strengthen.

A decisive close above the September 21 high of $87,397 could bring $90,000 within reach, while a drop back below $85,000 would turn the old sell wall into resistance again and shift focus to $82,000, $83,000, then $80,000.