Bitcoin Soars Above $85K After Weeks of Resistance

Bitcoin has finally broken through the $85,000 resistance level after nearly a week of failed attempts. On October 2, the price reached a high of around $86,794 before easing back below $86,000.

The move above $85,000 is attributed to buyers clearing a large sell wall at that level on October 1, with most remaining sell orders above being pulled. This reduced ask liquidity overhead allows the price to move up faster.

The softer U.S. inflation data also contributed to the risk appetite increase, which lifted Bitcoin's price. However, macro pressure still exists as the 10-year Treasury yield remains near 5.28%, keeping the opportunity cost of holding a non-yielding asset like Bitcoin high.

For now, this is considered a recovery rather than a confirmed breakout. To strengthen the bullish case, the resistance band between $84,800 and $85,800 needs to hold as support.