Bitcoin holds $85,000, BNB eyes $800, Zcash and Shiba Inu test key levels

Major cryptocurrencies showed mixed technical activity as the market entered October, with Bitcoin defending crucial support, Binance Coin targeting a psychological barrier, Zcash correcting after a dramatic rally, and Shiba Inu bulls pushing against long-term resistance.

Zcash retreats after explosive rally

Zcash, a privacy-focused cryptocurrency first launched in 2016, is undergoing its most significant correction since September’s rapid surge. After reaching a high of about $1,680 near month-end, Zcash (ZEC) now trades near $1,330, representing a 20% decline over the past week. Despite losing altitude, ZEC has still gained over 180% in the last three months.

Technical analysis points to the $1,280-$1,330 range as critical short-term support, a zone where buyers have stepped in multiple times. The daily RSI, which had been elevated during the rally, has now retreated to more neutral levels, suggesting a cooling of momentum. A recovery phase could begin if ZEC reclaims the $1,400-$1,450 area, with possible future moves toward $1,500 and the previous $1,680 peak. If ZEC falls below $1,280, the next major support sits between $1,150 and $1,200.

ZEC is correcting after September’s explosive rally, with $1,280-$1,330 serving as key support and $1,400-$1,450 as the first major recovery target.

On the fundamental side, attention is turning to the upcoming NU7 public testnet scheduled for October 6, which will introduce faster block times. However, this performance improvement will not be implemented on mainnet immediately.

For now, Zcash maintains an overall uptrend, but the steep September phase has ended. Market participants are closely watching to see if the $1,300 zone will hold as a consolidation base or become a stepping stone for further declines.

Mini dictionary: NU7 public testnet, the seventh major network upgrade for Zcash, is designed to test system changes, such as faster block times, in a controlled environment before potential mainnet deployment.

Bitcoin consolidates near $85,000

Bitcoin continues to consolidate around the $85,000 level following a late-September rally, signaling a stable technical environment compared to more volatile rivals. Market data show BTC holding well above its key moving averages, with daily RSI readings above the midpoint.

Short-term resistance is marked at $86,000-$87,000, an area Bitcoin has tested but not decisively cleared. A daily close above $87,000 would signal a new wave higher, with $89,000 and $90,000 as potential targets. Support is concentrated around $83,000-$84,000, with stronger technical backing near $82,000 and a moving average cluster in the $78,000-$79,000 range.

BTC remains bullish while consolidating near $85,000, with a breakout above $87,000 potentially targeting $89,000-$90,000.

Unlike Zcash, Bitcoin is not correcting from an extreme rally, instead remaining in a tight $83,000-$87,000 range. Sustaining levels above $82,000 keeps the broader bullish structure intact.

Shiba Inu bulls eye long-term resistance

Shiba Inu, a meme-inspired token that surged in popularity in 2021, is testing one of its most significant resistance levels following a late September bounce. SHIB is currently valued at $0.00000570 after briefly exceeding $0.00000620. The token is facing a long-term moving average barrier at $0.0000056-$0.0000057, an area that has capped price advances for several months.

Momentum indicators are mixed, with RSI hovering in neutral territory and declining trading volumes that indicate weaker buying conviction. SHIB must clear the $0.0000059-$0.0000060 resistance zone to re-test the September high. Key support lies at $0.0000055, with further backing near $0.0000052-$0.0000054.

A close above its long-term resistance could change the token’s technical outlook, but the recovery remains unproven until a breakout is confirmed.

BNB nears critical $800 barrier

Binance Coin, the native token of leading crypto exchange Binance, maintains one of the market’s clearest bullish trends. BNB trades around $788, just below the important $800 psychological level. The token is above all major moving averages and has posted higher highs and higher lows since bottoming near $550 in July.

Despite a brief pullback to $760 in September, buyers defended this support and helped BNB recover. Resistance now stands at $795-$805; conquering $805 would likely set up moves toward $820 and $850. Support is seen at $765-$770 and $755, with a stronger base between $720 and $730.

BNB’s structure favors further advances as long as it holds above $760, but a failure to surpass $800 could result in a period of consolidation.