Bitcoin Extends Its Winning Streak but $87,000 Remains Unconfirmed
๐ Bitcoin rose from around $83,500 to nearly $87,000 during the September 28โOctober 2 week before being rejected and slipping back toward $84,600 over the weekend. BTC continued to outperform the broader market, while Ether was nearly flat and Bitcoin dominance moved close to 60%.
๐ฐ ETF flows remained the main source of support. U.S. spot Bitcoin ETFs attracted roughly $2.4 billion in the week ending September 25. After a net outflow on September 30, inflows returned on October 1, with IBIT again playing a major role. Ether ETFs remained weaker, showing that the move had not yet broadened across the crypto market.
โ๏ธ Leverage was not excessively stretched. Bitcoin funding remained relatively low before the move toward $87,000 and later fell close to zero. Still, the weekend rejection triggered around $434 million in liquidations over 24 hours, with long positions accounting for nearly 74%, clearing part of the short-term bullish positioning.
๐ Macro conditions remain a key constraint. Weak NFP data was not enough to sustain the breakout while the U.S. 10-year Treasury yield stayed elevated. ETF demand is providing support, but high yields continue to limit how quickly valuations can expand.
๐ The $82,500โ$83,000 area is now the key support zone to watch, while $87,000โ$90,000 remains the main resistance range. Bitcoin still has relative strength, but weak Ether ETF flows, low funding, and limited market-wide participation suggest this remains a BTC-led move rather than a broad crypto risk-on phase.
#Bitcoin $BTC
๐ Bitcoin rose from around $83,500 to nearly $87,000 during the September 28โOctober 2 week before being rejected and slipping back toward $84,600 over the weekend. BTC continued to outperform the broader market, while Ether was nearly flat and Bitcoin dominance moved close to 60%.
๐ฐ ETF flows remained the main source of support. U.S. spot Bitcoin ETFs attracted roughly $2.4 billion in the week ending September 25. After a net outflow on September 30, inflows returned on October 1, with IBIT again playing a major role. Ether ETFs remained weaker, showing that the move had not yet broadened across the crypto market.
โ๏ธ Leverage was not excessively stretched. Bitcoin funding remained relatively low before the move toward $87,000 and later fell close to zero. Still, the weekend rejection triggered around $434 million in liquidations over 24 hours, with long positions accounting for nearly 74%, clearing part of the short-term bullish positioning.
๐ Macro conditions remain a key constraint. Weak NFP data was not enough to sustain the breakout while the U.S. 10-year Treasury yield stayed elevated. ETF demand is providing support, but high yields continue to limit how quickly valuations can expand.
๐ The $82,500โ$83,000 area is now the key support zone to watch, while $87,000โ$90,000 remains the main resistance range. Bitcoin still has relative strength, but weak Ether ETF flows, low funding, and limited market-wide participation suggest this remains a BTC-led move rather than a broad crypto risk-on phase.
#Bitcoin $BTC
