Bitcoin hovered near $84,788 on October 3, posting a 1.6% decline after struggling to maintain momentum above $87,220. The session low touched $83,888, positioning the cryptocurrency just above a key support zone amid continued market uncertainty.
Bitcoin stuck between support and resistance
Bitcoin has traded in a narrow band between $83,000 and $87,000, with repeated attempts to break out above $87,000 quickly fading. After reaching $87,220 earlier, selling pressure pushed the price back down, adding to a choppy trading atmosphere.
Analyst Crypto with Haris maintained a bearish outlook, highlighting stubborn resistance between $86,000 and $87,000. According to the analyst, a rejection at this level could pave the way for a deeper decline, targeting $62,000 as the next major support well below current trading levels.
Analyst Crypto with Haris emphasized the significance of the $86,000–$87,000 resistance and warned that Bitcoin has repeatedly failed to break through the upper band. The analyst questioned the strength of the current rally, noting that Bitcoin’s prolonged trading between $83,000 and $87,000 for several weeks differs from the pattern typically seen in robust bull cycles.
Technical charts show a key trendline providing support. If this line fails to hold, $83,000 could become the next area of focus for traders. As a result, opinions on market direction remain highly divided.
Rising liquidations have coincided with the tight sideways range, but supporters of the bullish case point to persistent institutional accumulation. The overall pattern keeps Bitcoin contained between crucial support and resistance levels, with no clear breakout in sight.
Institutional demand grows alongside weak jobs data
Institutional interest has been a pillar for bullish sentiment. BlackRock, the world’s largest asset manager, purchased $195.6 million of Bitcoin in a single day through its IBIT spot Bitcoin ETF. Fidelity, another major asset manager, also saw its ETF clients add $29.28 million in the same period.
These substantial inflows arrived against a backdrop of subdued price action. Investors have looked to these purchases as a potential catalyst for an upward move, even as trading has remained range-bound.
Broader macroeconomic indicators have also influenced the Bitcoin market. This week, US inflation and labor data reshaped expectations for Federal Reserve policy. At the start of the week, Bitcoin dropped to around $82,600 before bouncing back after inflation data was released below forecasts and JOLTS figures indicated weakening demand for labor.
The latest US jobs report delivered a notable surprise. Nonfarm payrolls increased by just 29,000 in September, compared to estimates of 90,000. The national unemployment rate edged up to 4.2%, while wage growth slowed. These results alleviated immediate pressure on the Federal Reserve to raise interest rates further.
Bitcoin briefly rallied to $87,100 following the release of the jobs data, but gains did not last and the price quickly retraced to $84,500. This suggests that softer expectations for further interest rate hikes alone may be insufficient to spark a sustained rally in Bitcoin’s price.
| Institution | ETF Inflows (1 day) |
|---|---|
| BlackRock IBIT | $195.6 million |
| Fidelity ETF | $29.28 million |
Moving forward, multiple macro factors continue to shape Bitcoin’s trajectory, including inflation trends, Federal Reserve policy decisions, Treasury yields, movements in the US dollar, and fluctuations in oil prices. These dynamics are widely watched by both institutional and retail participants as they gauge the next move for the world’s largest cryptocurrency.
Mini dictionary: BlackRock IBIT is a spot Bitcoin exchange-traded fund (ETF) operated by BlackRock, allowing investors access to direct Bitcoin holdings through a regulated investment vehicle. Spot Bitcoin ETFs have recently driven significant institutional demand in cryptocurrency markets by enabling broader participation through traditional finance channels.
