Bitcoin Stalls at $87K, Institutional Demand Fuels Bullish Case
Bitcoin's recent price action has been characterized by a struggle to break above the $87,000, $87,300 resistance zone. Despite this, the cryptocurrency has managed to hold onto its late-September gains, which is a bullish sign. The broader crypto market has also seen modest gains, with BTC currently trading at around $84,912. This stability is partly due to the elevated Treasury yields and a weaker U.S. jobs report, which has reduced the likelihood of an immediate Fed hike.
The current structure of the market suggests that if BTC can establish itself above $85,000 and break through the $87,000-$87,300 zone on stronger volume, the rally could extend towards $90,000. A clean move through this level would then bring the psychological $100,000 level back into the conversation.
Institutional demand remains a strong argument for another leg higher, with U.S. spot Bitcoin ETFs attracting approximately $6.34 billion during Q3, including $2.65 billion in September. This influx of capital continues to provide a supportive backdrop, despite daily flows remaining volatile.