Bitcoin Reclaims Key Indicator, Holds Above 85,000
Bitcoin (BTC) has shown renewed bullish momentum after reclaiming a key long-term market indicator, maintaining a position above $85,000 following a significant breakthrough. On October 2, Bitcoin reached $87,096, its highest level since September 23, before experiencing a slight pullback. This surge marked a 15.6% recovery from its September 15 low of $75,170 and pushed BTC above a resistance zone that had capped its gains for much of the week.
Analysts are closely monitoring whether this momentum can be sustained. CryptoQuant highlighted a crucial development in Bitcoin’s on-chain data, noting that its MVRV Z-Score has moved above its 365-day average. Historically, this shift has signaled an important change in market momentum. The MVRV Z-Score compares Bitcoin’s market value with the realized value of coins on the network, and a sustained move above the long-term average suggests improving market conditions.
CryptoQuant’s data also revealed that Bitcoin’s 1-to-3-month holders are currently sitting on their largest unrealized profits since May 2025, with an average unrealized profit margin of 24%. This indicates that recent buyers have gained substantial exposure to the rally. James Thorne, Chief Market Strategist at Wellington Altus, also sees a broader improvement in Bitcoin’s technical structure. Thorne noted that Bitcoin’s weekly chart is showing a strong setup after the recent correction held around the rising 200-week moving average.
The bullish signals come as Bitcoin clears an important technical obstacle. Glassnode identified a significant concentration of sell orders between $85,000 and $85,500 on Binance’s spot market, which had restricted Bitcoin’s advance for roughly a week. Buyers eventually absorbed the resistance on October 2, allowing BTC to push toward $87,000. The next major resistance sits around $87,400, with $90,000 as an important psychological and options-market target. On the downside, $82,500 is seen as a key support area. At press time, Bitcoin was trading at $85,990, up 0.86% in the past 24 hours.