Crypto Market Surges with Bitcoin Aiming for $90,000

The crypto market has seen a 0.70% increase over the past 24 hours, reaching a total market cap of $2.92 trillion. This uptick is attributed to institutional demand, improved regulatory sentiment, and a significant reduction in leveraged positions. Bitcoin is currently trading near $86,000, XRP around $1.51, and Ethereum above $2,700. The market's 73% correlation with gold suggests ongoing demand for crypto as an inflation hedge.

Bitcoin has been trading around $85,887, with immediate resistance at $87,000, $88,000 and a major upside target at $90,000. Support levels are at $84,000 and $82,000. The cryptocurrency has formed higher lows since mid-September, maintaining a positive short-term structure. Indicators like RSI and MACD suggest controlled but bullish momentum.

Key factors driving Bitcoin's price include sustained inflows into U.S. spot Bitcoin ETFs, totaling around $100 billion in assets. Weak U.S. jobs data has also shifted market expectations for a Fed rate hike, reducing pressure on crypto markets. Bitcoin liquidations reached $62.77 million in 24 hours, with $57.06 million from shorts, boosting short-covering.

XRP is holding steady around $1.51, with resistance at $1.55 and support at $1.48 and $1.45. The European Central Bank's digital euro pilot and Ripple's role in fintech are providing fundamental support. U.S. spot XRP ETFs recorded $4.07 million in net inflows on October 1, with the XRP ecosystem passing 8.2 million wallets.

Ethereum is trading around $2,712.15, with resistance at $2,750, $2,800 and support at $2,700 and $2,650. Short liquidations reached $24.04 million, contributing to a broader $113 million crypto short-liquidation event. The Beacon Chain exit queue has surged, indicating increased activity.