Bitcoin Surges Through Sell Wall, Eyes $100,000 as Buyers Absorb Returning Supply

Bitcoin's recent surge has left many wondering if it can continue to climb. On October 2, Bitcoin reached an intraday high of $87,000 after buyers broke through a significant sell wall around $85,000 that had previously stalled its advance.

The disappearance of this sell wall has led some traders to believe that Bitcoin is now on track to reach $100,000. This optimism is partly fueled by the fact that the rare accumulation pattern seen before two sharp advances in 2025 has reappeared and sell-side liquidity has thinned.

According to CryptoQuant's Accumulation Trend chart, the current contraction of bands resembles two episodes in 2025 followed by sizable gains. However, it is essential to note that these past contractions are too few to establish this pattern as a reliable forecasting tool.

Bitcoin has also reclaimed several key cost-basis levels, including the short-term holder cost basis near $73,000 and the estimated average cost basis of spot exchange-traded fund investors near $83,000. The limited number of previous occurrences makes this pattern far from conclusive.

The next hurdle for Bitcoin is around $90,000, where several structural reference points converge. Options traders are positioning for this corridor, with about $2.1 billion of Bitcoin call exposure at the $90,000 strike, $2.4 billion at $95,000 and $1.8 billion at $100,000.