Deep Tide TechFlow message, on October 05, according to CoinDesk, Bitcoin once rose to nearly $87,000. It was only about $500 away from the stage peak of roughly $87,400 set at the end of September, but was then hit by selling pressure and pulled back.
Analysis suggests that this rally continued the rebound seen on Sunday. It was Bitcoin’s second attempt within a week to break the late-September high, which had previously failed. Earlier last Wednesday, U.S. inflation data came in below expectations, pushing BTC to around $85,500, but it fell back a few hours later. Weaker U.S. employment data reduced pressure for the Federal Reserve to continue raising interest rates, providing support for risk assets. If Bitcoin’s daily close holds above $87,000, it could become an important signal for buyers to break the late-September high.
Analysis suggests that this rally continued the rebound seen on Sunday. It was Bitcoin’s second attempt within a week to break the late-September high, which had previously failed. Earlier last Wednesday, U.S. inflation data came in below expectations, pushing BTC to around $85,500, but it fell back a few hours later. Weaker U.S. employment data reduced pressure for the Federal Reserve to continue raising interest rates, providing support for risk assets. If Bitcoin’s daily close holds above $87,000, it could become an important signal for buyers to break the late-September high.